Raghuram Rajan

Raghuram Rajan
Raghuram Rajan is an Indian economist and a former Governor of the Reserve Bank of India (RBI). He is currently the Vice-Chairman of the Bank for International Settlements. He served as the 23rd Governor of India and he was known for strengthening the value of Rupee as well as lowering the inflation rates from double digits to 6 percent. He is also an excellent professor of a profession and has served as an academician at the Booth School of Business ad was later hired by International Monetary Fund as Chief Economist.Born on 3rd February 1963 in a Tamil family in Bhopal Madhya Pradesh, he was the third of the four children of R Govindarajan an Indian Police Service officer, a topper of the 1953 batch. R Govindarajan was assigned to Intelligence Bureau and was posted in Indonesia in 1966. In 1968, he joined the newly created external intelligence unit of the Intelligence Bureau named Research and Analysis Wing (RAW) and served as the staff officer. Throughout his childhood, Raghuram Rajan presumed that his father worked as a diplomat since the family traveled on diplomatic passports. Rajan completed his schooling from one of the best institutions in the country as well as abroad. He is an alumnus of IIT-Delhi and IIM-A. He wrote a thesis on Essays on Banking and earned a PhD in management from MIT Sloan School of Management. At the Federal Reserve annual Jackson Hole Conference in 2005, Rajan was one of the few economists to criticize the US financial system and warned about the growing risks in the financial system and also proposed policies to reduce such risks. His views werent received in a positive manner and the Former US Treasury Secretary Lawrence Summers called the warnings misguided and called Rajan a luddite. However, later Rajan managed to prove himself right and he earned a worldwide respect for his work. He was extensively interviewed for the Oscar winning documentary Inside Job. He was also appointed as a financial advisor to the Prime Minister of India and he was the youngest person to hold this position. After completing his PhD from MIT, he started his career as a professor of Finance and joined the Booth School of Business at the University of Chicago. In 1996-97 he served as a visiting professor at Stockholm School of Economics and at Kellogg School of Management. He later served as a visiting professor at MIT Sloan School of Management in the year 2000-01. In 2003, he taught an MBA course in international corporate finance and a PhD course in the theory of financial decisions. From 2003 to 2006 he served as the Chief Economist at the International Monetary Fund (IMF) before being appointed as the economic advisor in 2008 by the then Prime Minister Manmohan Singh. The same year he headed a high level committee on financial reforms and submitted its final report to the planning-commission. He also chaired the Financial Sector Reforms committee of the Indian Government. In 2011 he served as the President of the American Finance Association. In 2012, Rajan was appointed as the Chief Economic Adviser to Indias finance ministry and he prepared the Economic survey for India for the year 2012-13. Later in August 2013, Rajan was announced to take over as the next Governor of RBI and he took charge as the 23rd Governor of RBI on 5th September 2013 and at this point he took a leave from University of Chicago and Booth School of Business. His three years in office was known for strengthening the value of Rupee as well as lowering the inflation rates in the country. In 2014, it was suggested that Rajan could take over as the head of IMF from Christene Legarde after his term expires in 2016. In November 2015, he was appointed as the Vice Chairman of Bank of International Settlements. BJP leader Subramanyam Swamy commented that Rajan must not be given a second term as a governor. On 18th June 2016, Rajan announced that he wont be serving the second term as Governor and would return back to academia. Raghuram Rajan is married to Radhika Puri Rajan whom he met while studying at IIT Ahmedabad. Radhika teaches at University of Chicago Law School and the couple has a daughter and a son. Rajan has won many prestigious awards and in 2003 he won the inaugural Fischer Black Prize. Financial Times also declared his book How Hidden Cracks Still Threaten the World Economy as the book of the year in 2010. In 2016, he was named in the 100 Most Influential People in the World by TIME Magazine. Rajan has a straight forward and practical approach and this approach of his has been instrumental in battling with inflation after he became the Governor of RBI
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