A degree from IIT as well as Post Graduation from IIM is not rare in our country, but the vision, vision for the future of the country that probably only Raghuramm Rajan had. A qualified academician from USA business school was brought back into country by previous Government and was directly made the economic adviser to the Prime Minister.The faith on his capability was immense and within no time he started his innings as Governor of the top Bank of the country i.e. Reserve Bank of India on September 2013.The man with his strong hand started steering the economy from a gloomy situation towards the best. His in depth knowledge he converted into action and with a free hand he started cleansing process of the dirt that we had in our monetary system and new monetary measures was formulated by him. Some of effective measures during his tenure he initiated successfully are as under:
a) The Prime Lending rate of each Bank was 10.30% p.a when he took over in September 2013 and the PLR of Banks now stand at 9.30% p.a.
b) The SENSEX and NIFTY rose by 51% and 60% respectively from the date he took over.
c) Reverse Repo rate was 7.5% during September 2013 is reduced up to 100 bps from September 2013 and now it is at its lowest at 6.5%
d) Consumer inflation rate was at double digit while he started his innings and at May 2016 it came down to 5.6%
e) Rupee plunged into new low with devaluation up to 1.14% just before he took over and presently it is almost stagnant , rather had an upward revision of 0.1% in June 2016.
f) FOREX reserve was $275 billion when he started the innings as RBI Governor and now it soared up to $365 billion an the country is ready for FCNR(B) redemption during incoming September 2016.
g) Current account deficit has also come down substantially from September 2013 to present date.(Exact date not available)
h) The cleaning of Banking system with iron hand lead to all Bank declare NPA level from Rs 2.52 lakh Crores to a mammoth Rs 5.95 lakhs cores approximately.
The irony of democracy is that any person irrespective of qualification or knowledge of the game can make his/her expert comment on the performance of anyone in the game of cricket or whatsoever, and that effects the concentration of the player and most of the occasions the player gets out. Here also, one of the finest player who knew the economy of the country better than anyone else of his contemporary period had to call it a day. Although neither did he comment anything adverse nor came out with any outburst, but everyone knows he was hurt in his mind. Raghuram exits quietly. The scorecard of his unfinished innings will have record of this unfortunate word RAGHURAM RAJAN: RETIRED HURT.
b) The SENSEX and NIFTY rose by 51% and 60% respectively from the date he took over.
c) Reverse Repo rate was 7.5% during September 2013 is reduced up to 100 bps from September 2013 and now it is at its lowest at 6.5%
d) Consumer inflation rate was at double digit while he started his innings and at May 2016 it came down to 5.6%
e) Rupee plunged into new low with devaluation up to 1.14% just before he took over and presently it is almost stagnant , rather had an upward revision of 0.1% in June 2016.
f) FOREX reserve was $275 billion when he started the innings as RBI Governor and now it soared up to $365 billion an the country is ready for FCNR(B) redemption during incoming September 2016.
g) Current account deficit has also come down substantially from September 2013 to present date.(Exact date not available)
h) The cleaning of Banking system with iron hand lead to all Bank declare NPA level from Rs 2.52 lakh Crores to a mammoth Rs 5.95 lakhs cores approximately.
The irony of democracy is that any person irrespective of qualification or knowledge of the game can make his/her expert comment on the performance of anyone in the game of cricket or whatsoever, and that effects the concentration of the player and most of the occasions the player gets out. Here also, one of the finest player who knew the economy of the country better than anyone else of his contemporary period had to call it a day. Although neither did he comment anything adverse nor came out with any outburst, but everyone knows he was hurt in his mind. Raghuram exits quietly. The scorecard of his unfinished innings will have record of this unfortunate word RAGHURAM RAJAN: RETIRED HURT.
Country is bound to realise his worth.. but question is when and at what cost.
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