In a disappointing development in the Indian Economics today,¬†the RBI governor DR. Raghuram Rajan confirmed that he doesn’t plan to renew his term at the RBI next fall.
He addressed the RBI staff through a press release stating “I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016”. In the letter to his staff, while lauding them of attaining the targets and fetching India out of the “Fragile Five” (countries), he emphasized on the achievements of the RBI in taking India to a better economic status.
It is speculated that this decision comes as result of the derogatory allegations by BJP lawmaker Subramanian Swamy, who had accused Dr Rajan of an “apparently deliberate attempt to wreck the Indian economy”. In his two letters addressed to the PM, Mr Swamy had taken to indict, Dr. Rajan on the grounds that he is apparently, “mentally not fully Indian” since he continues to renew the Green Card issued to him by the US government.
In an exclusive interview to NDTV, the current RBI chief responded with the statement,”Certain allegations are so fundamentally wrong and baseless that to address them is to give them legitimacy they don’t deserve”. He reverted on his loyalty to India being questioned by saying¬†”Indian-ness, love for your country is complicated. For every person there is a different way that you show respect for your country…my mother-in-law will say karmayogi is the way to go – do your work.” He also stated that he is open to criticism when it comes to his work and policy decisions he authorizes but will not welcome¬†ad-hominem attacks on his individual character.
Dr. Rajan is the first RBI chief since 1992 to refuse a second term at the office. With all that the Indian Economy has accomplished and seeks to achieve under his tenure, his return to the field of academics comes as a blow to the Indian Economics.
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