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Raghuram Govind Rajan Appointed as 23rd Governor of RBI
Raghuram Govind Rajan, the Chief Economic Adviser was on 6th August, 2013, appointed as the Governor of the Reserve Bank of India ( RBI ) for a time period of three years, i.e., till 2016. He succeeds D. Subbarao who demits the office on 4th September, 2013. He will be the 23rd Governor of Reserve Bank of India.
About Raghuram Govind Rajan New RBI Governor
Dr Rajan ( 50 ) has worked extensively in the field of economics across the world. He is an Indian economist who served as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission.
Besides, he has served many other international bodies before becoming the chief economist of the International Monetary Fund ( IMF ). Finally, he entered the north block in August, 2012 to serve as the economic advisor in the ministry of finance.
“It is a great honour to be appointed as RBI governor. It is a challenging time for Indian economy. Both the government and RBI are working together to tackle it. There is no magic wand to disappear the economic problems overnight. No doubt, India will deal with its problem,” Dr Rajan said in a press briefing in New Delhi.
He is assuming the post at a time when Indian economy is going through a rough weather. By RBI’s own submission in the first quarter ( April – June ) monetary policy, it is facing the “impossible trinity” or trilemma of controlling foreign exchange rate, the rate of inflation and the monetary policy stance. The job for the new RBI boss, many believe, is going to be an uphill task.