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Eminent economists feels Rajan’s exit ‘bad omen’ for Indian economy

Calling RBI Governor Raghuram Rajan’s exit a ‘bad omen’ for the Indian economy, eminent economists and former policymakers has said it will be seen by the world as India’s non-approval to a policy against inflation and bad loans.

Rajan’s colleague at Chicago University Booth School of Business Luigi Zingales termed it is a “huge loss for India”, while Harvard University professor Gita Gopinath said it was “deeply disappointing” that the government instead of fighting hard to keep Rajan has let him go amid all the distasteful comments by those questioning his commitment to India’s best interests.

Indian-origin economist and British Labour Party leader Meghnad Desai said he feels “sorry for India’s reputation abroad”, while World Bank’s Chief Economist and India’s former Chief Economic Advisor Kaushik Basu said Rajan has been one of the finest central bank governors anywhere.

Rajan the 53-year old a former IMF Chief Economist with a reputation to have rightly called the 2008 global financial crisis, yesterday made public his decision against a second term as RBI Governor after his currently three-year tenure ends on September 4, 2016.

Rajan, the on-leave Professor of Finance at Chicago Booth School, said he would return to academia but would be ready to serve India again in future.

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