india guessing over future of central bank chief raghuram rajan
Last Updated : GMT 18:07:55
Arab Today, arab today
Arab Today, arab today

India guessing over future of central bank chief Raghuram Rajan

Arab Today, arab today

Arab Today, arab today India guessing over future of central bank chief Raghuram Rajan

India guessing over future of central bank chief Raghuram Rajan
Mumbai - Arab Today

Will he stay or will he go? That’s the question gripping India as speculation whirls about the future of central bank chief Raghuram Rajan, dubbed “rock star” and “James Bond.”
Rajan’s three-year term as Reserve Bank of India (RBI) governor ends in September and the Indian media is abuzz with predictions about whether he will be given a second stint.
The 53-year-old, who enjoys a mass appeal in India not normally associated with a banker, has remained tight-lipped about his intentions while the government has given nothing away.
“As far as the question of me continuing in this position after Sept. 4 goes, it would be cruel of me to spoil the fun the press is having,” Rajan told a recent press conference in Mumbai.
“In all such cases the decision is reached after discussions between the government and the incumbent. I’m sure you will know when there is news,” he added.
Rajan, who famously predicted the 2008 global financial crisis, has been widely credited with bringing stability to India’s economy since his appointment as RBI governor in September 2013.
But the former IMF chief economist has clashed with Prime Minister Narendra Modi’s government over how quickly the central bank should cut rates.
He’s also faced personal attacks from right-wing MPs in Bharatiya Janata Party (BJP).
Rajan took over the reins of the RBI at a time when India’s economy was struggling with a ballooning current account deficit, a plummeting currency and decade-low economic growth.
To mark his appointment the Economic Times newspaper mocked up an image of him as fictional British Secret Service agent James Bond pointing a pistol made of Indian rupee notes.
Rajan has successfully taken aim at inflation — bringing it down from double-digit levels to 5.4 percent currently — and has been credited for creating a stable environment for the economy to grow.
India’s economy expanded by 7.9 percent in the fourth quarter of 2015-16, the fastest of any major economy.
Rajan has also been praised for starting to tackle a mountain of bad bank loans.
“Overall Rajan has done a fantastic job and I am optimistic of his second tenure. The government will take a decision which is good for the Indian economy in the long run,” said Arun Singh, a senior economist at Dun and Bradstreet.
Rajan’s good looks, suave demeanour and habit of providing a colorful quote have seen him amass a huge fan following among the general public.
He sent Twitter users aflutter last year when he told reporters after cutting interest rates that the snip wasn’t meant to be a Diwali bonus and he was neither a hawk nor Santa Claus.
“My name is Raghuram Rajan and I do what I do,” he declared, smiling.
In a sign of his popularity, almost 60,000 people have signed an online petition calling for him to be given a second term.
Yet his straight-talking has roiled some in India’s right-wing government.
He ruffled feathers last year after wading into a debate about intolerance following the killing of a Muslim man suspected of eating beef.
Populist politician Subramanian Swamy has been leading a verbal onslaught against Rajan, accusing the former University of Chicago professor of being “mentally not fully Indian,” referring to his US Green Card.
Swamy also accused Rajan of “wilfully and deliberately wrecking the Indian economy” — a claim most analysts agree is unfounded.
Rajan has slashed interest rates over the past 18 months to their lowest level since early 2011 — but the BJP wanted deeper cuts to boost economic growth further.
Rajan has maintained a dignified stand against the comments, telling NDTV: “My work shows my love for India.”
A decision on Rajan’s future is not expected to be announced until August and some investors appear stirred, if not shaken, by the uncertainty.
The Indian stock market was jittery recently after a newspaper reported that Rajan had sent a letter to Modi telling him he wanted to return to the US to continue his academic work.
Rajan denied writing such a note but has admitted openly that he sees his long-term future back in academia.
“Rajan is a good governor but the RBI institution is much stronger than one person,” said Sujan Hajra, chief economist at Anand Rathi securities.
“If he goes, there will be an impact on investor sentiments but the systems in place at the RBI will ensure stability.”

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india guessing over future of central bank chief raghuram rajan india guessing over future of central bank chief raghuram rajan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india guessing over future of central bank chief raghuram rajan india guessing over future of central bank chief raghuram rajan

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday