A country’s progress is, to a great extent, determined by its economic progress. Along with social and political factors, economic factors are paramount in deciding a nation’s state as developed or underdeveloped. Hence economists and policy planners of a nation play an indispensable role in the development of a country. Raghuram Govind Rajan is one such economist and RBI ex-Governor whose contribution to the country’s economic affairs is worth mentioning.
Born in Bhopal, Madhya Pradesh, Rajan had a childhood full of commotion. From Indonesia to Sri Lanka to Belgium, he finally did his graduation from IIT Delhi and got his MBA degree from IIM Ahmedabad. He did his Ph.D. under the supervision of Stewart Myers which was titled Essays on Banking. His progress in the field of economics has been remarkable. He has taught in various prestigious colleges and universities and has played a key role in policymaking. After the 1997 Asian Financial Crisis, he was approached by American economist Anne Kreuger, the then deputy managing director of IMF, to help IMF strengthen its financial expertise. At 40, he was the youngest individual to be appointed as the chief economist in the IMF.
Rajan wrote extensively on banking, finance and corporate structure. His book “Fault Lines: How hidden fractures still threaten the world economy” won the Financial Times and Goldman Sachs Business Book of the Year Award. He is ranked among the most influential economists and featured among the top 5% authors in the world. He was one of the very few people in the world who predicted the 2008 sub-prime crisis. In 2007, the deputy chairman of the Planning Commission, India, asked him to write a report on financial sector reforms in India. In 2008, Dr. Manmohan Singh appointed him as an honorary economic advisor and was then appointed as the chief economic advisor to India’s Ministry of Finance.
Raghuram Rajan took charge as the 23rd Governor of the Reserve Bank of India for a term of 3 years. He currently teaches finance at the University of Chicago. Rajan’s extraordinary achievements in the field of economics are highly inspiring. One such inspiring moment was when he was nominated for the Nobel Prize for Economics in 2017. That says a lot about his intellect. He sets an example for all young Indians, being acknowledged all over the world for his skill and expertise. He undoubtedly made a strong mark, as an Indian, in the field of economics.
Today, we wish, one of the most intelligent professors, an incredible RBI Governor and an inspiring human being, a very happy birthday.
