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‘It’s been fantastic’; Raghuram Rajan bids adieu to the RBI

By Newsd
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Raghuram Rajan (Image: Economic Times)

Reserve Bank of India governor Raghuram Rajan on Tuesday described the experience as fantastic, saying he is leaving the office knowing the central bank did something. While addressing the media following his last monetary policy meeting, Rajan said he enjoyed every minute of his tenure and hopes he has added some value to the institution and the country.

“There are critics everywhere but there are people sitting at the back of the plane, who send me anonymous messages that you are doing a good job,” he said.

The Reserve Bank on Tuesday held policy rates. Repo rate remains at 6.5% and cash reserve ratio (CRR) is unchanged at 4.0%. The central bank retained its GDP growth prediction at 7.6% for the financial year 2017. Rajan said risks to the March 2017 target of 5% for headline inflation “continue to be on upside” due to volatility in food prices and the impact of implementing the 7th Pay Panel salary hikes for government employees.

The central bank expects growth to pick up following the normal monsoon as agricultural growth and rural demand will increase.

On the Goods and Services Tax (GST) Bill, Rajan said, “While timely implementation will be challenging, there is no doubt that it should raise returns to investment across much of the economy.”

Raghuram Rajan will return to academics following his tenure, which ends in September. “There are 28 days left in my term, I will try to use it fully,” he said.