Raghuram G
Rajan, a former International Monetary Fund (IMF) chief economist who is
currently employed as professor at the Chicago University, is set to
take over as India's new chief economic advisor. The 49year-old
economist had achieved fame for his perceptive warning on the global
financial crisis of 2008.
Rajan will replace Kaushik Basu, whose term ended on July 31. Basu will return to Cornell University, so he could don his academic robes once again. He has been on leave from the university since 2009, where he is employed as a professor of economics and the C. Marks professor of International Studies.
Official sources confirmed that the government has cleared Rajan's appointment, and a formal order will be issued shortly. They, however, did not comment on the likely tenure for Rajan or the date on which would assume his new role.
Such assignments usually have a three-year tenure.
Rajan will replace Kaushik Basu, whose term ended on July 31. Basu will return to Cornell University, so he could don his academic robes once again. He has been on leave from the university since 2009, where he is employed as a professor of economics and the C. Marks professor of International Studies.
Official sources confirmed that the government has cleared Rajan's appointment, and a formal order will be issued shortly. They, however, did not comment on the likely tenure for Rajan or the date on which would assume his new role.
Such assignments usually have a three-year tenure.
Rajan (49), a PhD from the Massachusetts Institute of Technology,
has done pioneering work in the areas of banking, corporate finance and
economic development.
He is taking over at a time when policy makers are grappling for options to reverse the deceleration in India's economy — the worst in nearly a decade — due to the crippling industrial slowdown.
An honorary advisor to Prime Minister Manmohan Singh, he is known for his outspoken views on India's economic management. He had also chaired a high-level committee on financial sector reforms in India, the report of which was submitted in 2008.
Rajan is of the view that immediate steps need to be taken on key
aspects of secondgeneration reforms, such as raising the retail prices
of fuel besides deregulating and aligning them with internationa crude
price movements.
He is taking over at a time when policy makers are grappling for options to reverse the deceleration in India's economy — the worst in nearly a decade — due to the crippling industrial slowdown.
An honorary advisor to Prime Minister Manmohan Singh, he is known for his outspoken views on India's economic management. He had also chaired a high-level committee on financial sector reforms in India, the report of which was submitted in 2008.
Rajan is of the view that immediate steps need to be taken on key
aspects of secondgeneration reforms, such as raising the retail prices
of fuel besides deregulating and aligning them with internationa crude
price movements.
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