Rajan … You have the sense that this is my country and I’m representing it. In interviews in September 2017, Rajan said that the Indian government had consulted the Reserve Bank of India, during his governorship, on the issue of demonetization, but never asked for a decision. On 5 September 2013, he took over as the 23rd Governor, at which time he took a leave of absence from the University of Chicago Booth School of Business. UPI bypasses the long procedure of payment transfer, and all you need is the receiver’s unique ID, and a mobile pin to authenticate the payment, after which it is done! During his tenure, he enforced two-factor authentication of domestic credit card transactions to ensure the safety of customers. This Framework clearly stated the objective of keeping inflation below 6%. Chairman of Manipal Global Education & former CFO of Infosys, Founder & Chairman of Dalian Wanda Group, Raghuram Rajan Governor of the Reserve Bank of India, Named as the ‘100 Most Influential People in the World’ by Time Magazine (2016), Awarded by the Center for Financial Studies-Deutsche Bank Prize for financial economics (2013), Listed as a member of the Group of Thirty (2012), Awarded with the Infosys prize for the Economic Sciences (2012), Awarded as the Global Indian of the year by NASSCOM (2011), Named as the President of the American Finance Association and member of the American Academy of Arts and Sciences (2011), Awarded with the inaugural Fischer Black Prize for the best finance researcher under the age of 40 by the American Finance Association (2003). Personal Life. [49] In September 2017, Rajan revealed that though he was willing to take an extension and serve a second term as RBI Governor, the government had not extended any offer to him which left him with no choice but to return to the University of Chicago. He argued that widening income inequality in the US, trade imbalances in the global economy, and the clash between arm's length financial systems, were responsible for bringing about the crisis. You’d think that a person with those credentials would be a bit of a swotter, sitting in his room and studying all day. In a 2014 interview, Rajan said his major targets as governor of the Reserve Bank of India were to lower inflation, increase savings and deepen financial markets, of which he believed reducing inflation was the most important. Email us at [email protected], Arvind Panagariya Age, Biography, Wife & More, Narendra Modi Height, Weight, Age, Wife, Unknown Facts & More, Arvind Kejriwal Height, Weight, Age, Family, Unknown Facts & More, Rahul Gandhi Height, Weight, Age, Family, Unknown Facts & More, Arnab Goswami Height, Weight, Age, Wife, Unknown Facts & More. He was awarded the inaugural 2003 Fischer Black Prize, given biennially by the American Finance Association to the best finance researcher under the age of 40, for his “path-breaking contributions to our knowledge of financial institutions, the workings of the modern corporation, and the causes and consequences of the development of the financial sector across countries. From October 2003 to December 2006, he even served as the Chief Economist at the International Monetary Fund (IMF) as well. Sure, there is some pretty privilege here, but don’t let that take away from his erudition—apart from his term as the 23rd governor of the RBI, he’s the former chief economist of the IMF, he forewarned the 2008 financial crisis, made it to Time magazine’s ‘Most Influential’ list in 2016, and is currently a professor of fi nance at the Chicago Booth School of Business. This was the period when the economy was going through a down fall, the Indian Rupee (INR) had taken a huge hit, the equity and bond markets were nervous, and the central government wanted quick fixes before the 2014 general elections. Rajan’s sister is married to an Indian Administrative Service officer and is a French teacher in New Delhi. Rajan and Gingels built on their work in 2003 to publish Saving Capitalism from Capitalists. [23][24] He was awarded the inaugural 2003 Fischer Black Prize, given biennially by the American Finance Association to the best finance researcher under the age of 40, for his "path-breaking contributions to our knowledge of financial institutions, the workings of the modern corporation, and the causes and consequences of the development of the financial sector across countries. Search for: Search. What keeps him so grounded? [84], Although it was normal for RBI Governors to get an extension, experts have opined that Rajan was denied extension because of serious differences with the Government of India. …Without vibrant, innovative financial markets, economies would ossify and decline." Dr. Raghuram Rajan is the new Governor of Reserve Bank of India succeeding D Subbarao. In 2014, Euromoney Magazine conferred the Best Bank Governor Award to Raghuram Rajan. Be it questioning the government, or telling a room full of journalists that “RBI is not a cheerleader”, Raghuram is someone who believes in calling a spade a spade! He is an alumnus of IIT Delhi, IIM Ahmedabad and Massachusetts Institute of Technology. Dr #RaghuramRajan, during his IIMA days was a complete over-achiever and rocked the 'stache. ✪ Raghuram Rajan — India’s Economy: How Did We Get Here and What Can be Done? While he was young, he dreamed of becoming the Prime Minister of India. His schedule was a very tight one – he would finish his class in Chicago, catch a flight to India, head straight to meetings, and after getting done catch the next flight to Chicago for the Monday class. In 1987, he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management Ahmedabad, graduating with a gold medal for academic performance. Between 2003 and 2006 he was Chief Economist and Director of Research at the International Monetary Fund. And in this short-term itself, Raghuram has successfully managed to curb the retail inflation from 9.8% (September 2013) to 3.78% (July 2015), and Wholesale inflation from 6.1% (September 2013) to a historic low of -4.05% (July 2015). In 1991, Rajan joined the Booth School of Business at the University of Chicago as an assistant professor of finance and in 1995 became a full-time professor. [39] On 5 September 2013 he took charge as the 23rd governor, at which point he took a leave of absence from the University of Chicago Booth School of Business.[40]. She is also an Adjunct Associate Professor of Behavioral Science at the University of Chicago Booth School of Business. Rajan’s economic and political views were influenced by his experience of the Indian economy during the Emergency. In the paper he doubted the financial development for the riskier world and was criticized by many economists at that time. This was done because, since unlike the US, India did not include bright academics into public policy, there eventually would be a vacuum and the country would not have a strong economic mind in the making of public policy. He graduated in 1985 and was awarded the Director’s Gold Medal as the best all-round student. South Indian Dishes, Paneer Birbali, Coffee, Radhika Puri (Teacher at the University of Chicago Law School). However, in an apparent contradiction to his previous stance of encouraging customers to use banks, he allowed banks to charge customers for conducting ATM transactions more than a certain number of times per month, at a time when India The government was actively trying to promote financials. Rajan wrote in May 2012 that the causes of the ongoing economic crisis in the US and Europe in the 2008–2012 period were substantially due to workforce competitiveness issues in the globalisation era, which politicians attempted to "paper-over" with easy credit. Raghuram Rajan is an Indian citizen and holds a USA Green Card. His college yearbook calls him “the best allrounder the batch has.” He was heavily into sports, with the yearbook saying that if he wrote a book called “Games I don’t play”, it would be rather small. Instead he advocated traditional Keynesian fiscal (government spending and investment) and monetary stimulus, arguing that the primary factor slowing the developed economies at that time was a general shortfall in demand across all sectors of the economy, not structural or supply-side factors that affected particular sectors. He's a Consultant | Political & Technical Intelligence | Author & Writer. A panel proposed an inflation target for India of 6% for January 2016 and 4% (+ – 2%). There was a meeting between Rangarajan and the finance ministry bureaucrats. We have created a browser extension. The established orthodoxy claimed that deregulation must necessarily increase competition, which would translate into greater efficiency.

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