RBI Governor Raghuram Rajan has chosen the best and most dignified way out of a situation that was getting increasingly ugly. Rajan as Governor has shown his courage to identify and expose ills of financial system of the country while in the job and as well stressed for corrective measures without waiting for retirement from the post. Most of his actions have been common-man-friendly. His concentration has been in containing inflation within limits. He has been firm about banks cleansing their balance sheets by shedding the weight of non-performing assets. His exit is certainly a loss to the country. His acumen, knowledge, experience and ground level realities, options before him with regard to controlling ‘inflation’, interest rates reduction, managing/directing banks as regards mounting ‘bad-debts’, are praise-worthy. Only time will tell how good or bad Dr. Rajan’s exit is for the economy. His successor will have to carry forward all the unconventional measures that he has initiated and it is not an easy task.
Vinod C. Dixit
(The views expressed by the author in the article are his/her own.)