Raghuram Rajan takes over as RBI Governor

Renowned economist and former chief economist of IMF, Raghuram Rajan takes over as RBI Governoron Wednesday. The 50-year-old Rajan who was also the economic advisor to the finance ministry, is taking over the challenging job from D Subbarao, who retires today.

As India is facing financial uncertainly and battles a rapid fall in rupee, high inflation, low growth and burgeoning current account deficit (CAD) – Rajan’s task will be tougher than expected.

“We have enough ideas. It is not just the currency, it is financial inclusion, it is growth. I think there is a lot to do. There are challenges in the economy… These things are not going to be overcome overnight. There is no magic wand. But there are undoubtedly solutions to many of the problems that the RBI can tackle and the job is to go ahead and do it. We will do it one step at a time. Make sure that it progresses everyday,” Raghuram Rajan told reporters.

An Alumni of IIM-Ahmedabad and IIT-Delhi – Rajan is the 23rd Governor of the Reserve Bank of India.

(Additional Source: PTI)

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