Ending months of suspense, Reserve Bank of India (RBI) Governor Raghuram Govind Rajan formally told his colleagues on Saturday that he is not keen on a second term at the helm of the country's central bank and will return to academia when his tenure ends in September.
Ending months of suspense, Reserve Bank of India (RBI) Governor Raghuram Govind Rajan formally told his colleagues on Saturday that he is not keen on a second term at the helm of the country’s central bank and will return to academia when his tenure ends in September.
This was conveyed in a 888-word letter addressed to the RBI staff,– one in which he has listed what the central bank has managed to achieve in the past three years and what remains to be done, although that process has also been initiated.
Reflecting on his term as the 23rd governor of the central bank since September 2013 — which has seen praise and also a fair share of criticism — Raghuram Rajan said the agenda pursued by his team was to help nurse India back on the path of recovery first, and then growth, and keep prices in check.
He went on to allude that much was accomplished, even as a part of that onerous task remained a work in progress — while also indicating that he was ready to see that through as well, but eventually decided against it.
While his decision to quit came as a surprise to many, here’s how Twitterati reacted to the news:
Globally acknowledged. Inflation warrior. Economic guru. Independent mind. Bank surgeon. #RaghuramRajan leaving is a loss to the nation.
— Harsh Goenka (@hvgoenka) June 18, 2016
Politicians don’t like to be told that somebody else could be better then them. #RaghuramRajan
— Sanjay Pugalia (@sanjaypugalia) June 18, 2016
One way of looking at #RaghuramRajan story: War on crony capitalism is over. Full normalcy restored. Capitalism lost, cronies won.
— Shekhar Gupta (@ShekharGupta) June 18, 2016
— Sanjay Jha (@JhaSanjay) June 18, 2016
Minimum governors, maximum government.#RaghuramRajan
— Ramesh Srivats (@rameshsrivats) June 18, 2016
Raghuram Rajan’s exit leaves me a sad man. We really have no respect for good, capable people. We deserve the mediocre lot thrust on us.
— Pritish Nandy (@PritishNandy) June 18, 2016
Dr. Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment.(1/2)
If a man of the stature of #RaghuramRajan can be treated so shabbily by govt,will anyone of any credibility now want the job? India’s loss
— RPN Singh (@SinghRPN) June 18, 2016