Letter Published in Gulf News UAE on 24 June 16,A loss for India
Raghuram Rajan brought India out of the fragile five and into the spotlight (‘Social media trend report: India on Raghuram Rajan’s exit decision’, Gulf News, June 20). Reserve Bank of India Governor Rajan’s decision of not continuing the second term and the mixed reactions among political circles and others is the latest dramatic development in India. When you look into his present tenure’s achievement of increasing the buying capacity of people both in the real estate and automobile industry, it is laudable by reducing the interest rate.
However, he has completely neglected the senior citizens’ interest rates on their deposits, which is really unfortunate. Overall, his vision to develop the economy was good. In India, no administrator is allowed to perform his duty without interference either at a political level or on a personal level. His departure is really a great loss for India and his academic expertise will be missed.
From Mr K. Ragavan