Raghuram Rajan Bids Adieu. No Country For Good Men.

The Logical Indian

June 19th, 2016 / 11:50 AM

Raghuram Rajan RBI Governer

Raghuram Rajan will not be either getting another term or will not be accepting another term as RBI Governor. India will have to get a new RBI Governor from September 4 when Rajan will return to Chicago University to resume as a tenured professor in the University of Chicago’s vaunted economics department. India’s loss will be Chicago’s gain.

It will be difficult to replace him with another person of acumen, personality, experience, accomplishment and world stature. Most of our previous RBI Governors were mere flunkeys who let the nation’s banking and financial system drift towards the abyss. Rajan red flagged the NPA’s and the capital inadequacies of the PSU banks, and began moves to set things in order.

I can be sure that there would be much relief spreading through many of our corporate headquarters, most of all of many corporate chieftains who are in the Prime Minister’s Councils of Advisors on the Economy, Infrastructure etc.

I am also sure there will be much relief in the upper echelons of our state owned banks, where many actively took part in the malfeasance that left the banks deep in the red. Many of these people owe their positions to the crony capitalists who greased the palms of the powers that be to position their soon to be benefactors in positions of authority.

So there will be rejoicing among many in the upper echelons of the CII, FICCI and Assocham, and the 14 state owned banks. Investments made and promises made will now be kept.

During my recent travels abroad addressing groups of economists and industry leaders interested in India, almost the first statement one heard was one hoping Rajan would stay.

We will no doubt get another RBI Governor, like we got a Pahlaj Nihalani at the Censor Board or Chetan Chauhan at NIFT and Ram Bahadur Rai at IGNCA. Maybe one who finds the approval of Subramaniam Swamy and his mentor Chandra Swamy. While we are at it, why not Dr. Swamy as RBI Governor? He has the qualifications and the acumen required to do the job.

This noise and dust kicked by the likes of Swamy and others only goes on to prove that India is no place for good people. Its good for only the Swamys of the world.

– Mohan Guruswamy , Head of Centre for Policy Alternatives, New Delhi

The Logical Indian’s Take 

In a message to RBI staff, Raghuram Rajan announced that he would not be taking up the second term. He mentioned, “While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016. I will, of course, always be available to serve my country when needed.”

Above statement makes clear that Raghuram Rajan’s decision was not just his own. Raghuram Rajan will be the second RBI governor since 1985 and first since 1992 who is pushed out in only one term. In our country, we have seen that those who want to do good for the country are either killed or removed. This is a sort of tradition and there is no safety net for the people who are committed to their work and don’t follow what the corrupts do. That is why with time we see that people in position and who determine the fate of our country are found in corrupt activities.

Appointed by the UPA, Rajan didn’t hesitate to criticise Congress’s policies. Smoothly transitioning into the Modi administration, Rajan regularly met with the Prime Minister to discuss the national economy. Rajan’s appeal crossed party lines – but he made his share of enemies. Recent revelations from the “Essar Tapes” also show how Ambanis bought the Parliament and got policy according to their will. Raghuram Rajan for the first time removed the veil and laid bare the name of the crony capitalists, who owe 6 Lakh crores to the bank. His ouster indicates that crony capitalists weren’t happy with him.

We are eagerly waiting for “achhe din” and wish best of luck to future RBI governor hoping that he/she will be able to do what Raghuram Rajan failed to do.


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