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India Inc strongly backs Rajan, says he must get a second term

India Inc supports Rajan

 

Many leaders of corporate India want the Centre to grant current Reserve Bank of India Governor Raghuram Rajan an extension given his performance so far said a report in Business Standard. Leading entrepreneurs are of the opinion that Rajan did a good job in checking rising prices, helping rebuild the banking system in the country and stabilising the rupee in the last three years. 

"I believe Rajan should get an extension for more reasons than one," said Rahul Bajaj, chairman, Bajaj group.
 

"During the last few years, he has been the best Reserve Bank governor. I have agreed with his interest rate policy to control inflation even though many of my industry colleagues had a different view."

 

He added, "Rajan has substantially enhanced the reputation of the RBI, not only in India but internationally. He is well known as a tough economist with a great track record." Harsh Mariwala, chairman, Marico, agreed that Rajan has a great track record abroad.

 

"Rajan is going about finishing his unfinished agenda. At this stage, to change to someone else would mean shifting gears. It is better Rajan completes his journey over the next term,"

 

Mariwala added the biggest criticism against Rajan was he had not lowered interest rates enough. "Ultimately, he is the best judge of that." He also said: "There is a trade-off between interest rates and inflation and I would give him the benefit of the doubt in this regard." Others agree. "India's central bank is one of the best in the world with the RBI governor at the forefront," said Sajjan Jindal, chairman, JSW group."Rajan's contribution to the Indian economy is immense," he added.
 

 

"Raghuram Rajan has had an admirable term as RBI Governor. He has instilled confidence domestically and also has earned praise for his astute handling of monetary policy globally," said Harsh Goenka, chairman of RPG Enterprises. "He has been able to maintain the stature of the office as an autonomous and apolitical establishment with great skill. He has been frank and fearless about his views. Extremely articulate, balanced in his approach and a respected economist, Rajan most certainly deserves another term as captain of the RBI," Goenka added. Rajan's term is coming to an end by the first week of September.

 

 

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