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PC’s preference for professionals

So, Finance Minister P Chidambaram (PC) has opted again to do differently: in appointing Dr. Raghuram Rajan as the Governor of Reserve Bank of India, PC has departed from convention. For years, the practice has been to appoint a senior civil servant as the RBI governor. In the initial years, these were renowned ICS officers like S Jagannathan. These were followed by officers from the IAS like S Venkitaramanan. Later, the search was from well-known academics. Dr I G Patel and Dr C Rangarajan were good examples. Dr Manmohan Singh was also the Governor of RBI but he had long stint earlier at the Finance Ministry.

The two precious appointers, Dr Y V Reddy and Dr D Subbarao belonging to the IAS cadre were drawn from the Ministry of Finance.

Rajan is the first RBI Governor to have been chosen for his experience at the international domain. He has rich experience on international fiscal and monetary issues, having worked as the Chief Economic Advisor at IMF. His close observations on the working of the Federal Reserve in the US should stand him in good stead in taking care of the monetary policy and administration in India. He will have his hands full; what with the rupee falling like nine-pins, inflation raging high and economic growth registering a steep fall.

 

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