February 3 is the birthday of former Reserve Bank of India Governor Raghuram Rajan. He was born in 1963 in Madhya Pradesh.
He was born in a Tamil family and his father was a senior IAS officer in the Government of India. Raghuram Rajan did his schooling from Delhi Public School located in RK Puram, Delhi.
Name associated with IIT:
The full name of the former RBI governor is Raghuram Govinda Rajan. He has done his graduation from IIT Delhi.
He did his BTech in Electrical Engineering from IIT Delhi in the year 1985.
At the same time, in the year 1987, he did his post graduate in Post Graduate Diploma in Business Administration from Indian Institute of Management Ahmedabad.
Raghuram Rajan did his PhD on Essays on Banking from the world’s prestigious university MIT.
Raghuram Rajan’s career:
Raghuram Rajan served as Chief Economist of the International Monetary Fund from October 2003 to December 2006.
In 2008, Prime Minister of India Manmohan Singh appointed Raghuram Rajan as his Honorary Economic Advisor.
In the same year, Raghuram Rajan was made the head of a high-level committee on economic reforms of the Planning Commission.
This committee completed the report related to economic reforms under the supervision of Raghuram Rajan.
When did Raghuram Rajan become Chief Economic Advisor:
Kaushik Basu, who was in Prime Minister Manmohan Singh’s tenure, was working as the Chief Economic Advisor.
Raghuram Rajan was appointed as the Chief Economic Advisor to the Government of India on 10 August 2012, replacing Kaushik Basu.
Raghuram Rajan also did the work of preparing the Economic Survey for the year 2012-13. In the year 2013, the Economic Survey prepared under the leadership of Raghuram Rajan was presented on 27 February.
RBI Governor appointed in 2013:
Raghuram Rajan’s name was announced as RBI Governor on 6 August 2013. On September 4, 2013, Raghuram Rajan became the new governor as the 23rd governor of the country.
Raghuram Rajan is one of the youngest governors of the country. Raghuram Rajan replaced D. Subbarao as the 22nd Governor.
Professor at the Booth School of Business in Chicago:
Rajan is currently a professor at the Booth School of Business at the University of Chicago.
When Raghuram Rajan took over as the governor of the Reserve Bank, the rupee had reached the level of 68 against a dollar.
Along with this, the responsibility of balancing bank rates to contain inflation was also on Raghuram Rajan.
During his tenure of six months, Raghuram Rajan changed bank rates several times. This helped to a great extent in curbing inflation.
Under his leadership, retail inflation fell to 3.78 per cent in July 2015 from 9.8 per cent in September 2013.
This figure was the lowest since 1990. In September 2013, the price of one barrel of crude oil was $114.
