Dr.Raghuram
Rajan, 50, an economics professor who also served as chief economist at the
International Monetary Fund, took charge as The Reserve Bank of India’s 23 Governor, has started with a bang and has taken over
the charge at a time, when the economy is reeling under severe crisis.
Dr. Raghuram Rajan set out a courageous
reformist vision for his tenure at the Apex Bank and said that he has no magic
wand to face the challenge before the country but would deal with them one at a
time and stated further that "We have enough ideas. It is not just the currency,
it is financial inclusion, it is growth. I think there is a lot to do. There
are challenges in the economy... These things are not going to be overcome
overnight. There is no magic wand. But there are undoubtedly solutions to many
of the problems that the RBI can tackle and the job is to go ahead and do it.
He
assured that he would “preserve the value of the currency”, Dr. Rajan said
India is a fundamentally sound economy with a bright future. “Our task today is
to build a bridge to the future, over the stormy waves produced by global
financial markets.” Highlighting the importance of inflation targeting, he said
the primary role of the central bank is ensuring monetary stability by
sustaining confidence in the value of the country’s money. “Ultimately this
means low and stable expectations of inflation, whether that inflation stems
from domestic sources or from changes in the value of the currency, from supply
constraints or demand pressures.’’
While
preserving the purchasing power of the rupee, he said that the RBI had two
other important mandates – inclusive growth and development as well as
financial stability and stated that some of the economic and fiscal measures
may not be popular or populist polcies.
He
said that it cannot be done overnight and together with the government and
regulators, RBI would steadily and surely liberalize the markets, as well as
restrictions on investment and position taking. “Better that investors take
positions domestically and provide depth and profits to our economy than they
take our markets to foreign shores.”
WE ARE PINNING HOPES ON DR.RAGHURAM RAJAN AND
HIS TEAM FOR THE RECOVERY OF INDIAN ECONOMY
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