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2016-07-03 ArtNo.45781
◆Rajan’s exit marks major setback to independence of Indian institutions
 【New Delhi】It is a sad day for India that a competent person such as Raghuram Rajan is edged out for petty reasons. The main charge against him was his reluctance to lower interest rates, thus, ostensibly, sacrificing growth. This is balderdash! Slew of slower growth; Look at countries which have done quantitative easing. Japan and the Euro Zone are in recession. China’s growth has slowed down. America’s is tepid enough to make Janet Yellen pause in the upward cycle. Lower rates did not boost economic growth. To drive home the fact, India has the highest economic growth rate amongst large economies. An RBI Governor is best equipped to judge when to raise interest rates and when to lower them for he has all the data. Swamy has not. And if Rajan was considered to be competent to do his job (he is) he ought to be left alone to do it. Setting of a benchmark interest rate is a very tricky business. Like Goldilock’s soup, interest rates must neither be too hot nor too cold. ○Raghuram Rajan felt undermined in weeks before quitting-sources  【New Delhi】Indian central bank governor Raghuram Rajan's abrupt decision to quit came as he increasingly felt he lacked support from his political bosses Finance Minister Arun Jaitley and Prime Minister Narendra Modi, according to friends and colleagues. A newspaper report a week ago that a selection panel would consider a field of candidates rather than directly offer the former IMF chief economist an extension to his three-year term, effectively forcing him to reapply for his own job, may have been the final straw, according to these people and a finance ministry source. ○Seven names on long list to replace Rajan  【New Delhi】There are seven candidates on a long list to replace Reserve Bank of India Governor Raghuram Rajan, a senior government official told Reuters on the 18th of June. The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, Arundhati Bhattacharya, Subir Gokarn and Ashok Chawla, the official said, speaking on condition of anonymity due to the sensitivity of the matter. Of the field, the two best known are Patel, now a deputy governor of the RBI, and Bhattacharya, who is chair of State Bank of India (SBI.NS), the country's largest bank. The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. Two finance ministry officials, Shaktikanta Das and Arvind Subramanian, who market participants had previously speculated might be candidates are not on the long list, the official said. 【News source】 Rajan’s exit marks major setback to independence of Indian institutions Raghuram Rajan felt undermined in weeks before quitting-sources Seven names on long list to replace Rajan ○One world： The aim of SEAnews ◆Recruitment of Ad-SEAnews CanvassersYour Comments / UnsubscribeSEAnews MessengerSEAnewsFacebookSEAnewsGoogleSEAnews eBookstoreSEAnews eBookstore(GoogleJ)SEAnews world circulation |
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