‘We will overcome the challenges’

‘We will overcome the challenges’
Highlights

Confident of overcoming challenging environment: Rajan - Reserve Bank’s Governor-designate Raghuram G Rajan has said on Thursday, that he is confident of overcoming challenges being faced by the Indian economy and the rupee. "It is a challenging environment and we will overcome the challenges," Rajan told reporters after a meeting of the RBI's central board here.

Reserve Bank’s Governor-designate Raghuram G Rajan has said on Thursday, that he is confident of overcoming challenges being faced by the Indian economy and the rupee. "It is a challenging environment and we will overcome the challenges," Rajan told reporters after a meeting of the RBI's central board here.

Rajan's appointment as the 23rd Governor comes amid unprecedented macroeconomic challenges, most visible in the rupee, which has lost over 12 per cent since the beginning of the fiscal. Amid external sector risks, the domestic economy faces a widening current account deficit, high consumer price inflation and slowing growth. "I look forward to working with everybody at the Reserve Bank. It's a great institution and I am looking forward to it," said Rajan, who will join the central bank as an officer on special duty before taking over on September 5.

The RBI's recent measures aimed at squeezing liquidity to curb speculation in the forex market have aggravated fears that lending rates could be raised, choking economic growth. After his appointment was announced on Tuesday, Rajan had said he does not possess a "magic wand" that will take care of all economic woes.

Rajan is OSD at RBI for 3 weeks

New Delhi (PTI): RBI Governor designate Raghuram Rajan will work as Officer on Special Duty (OSD) in the central bank for three weeks before taking over as head of the institution. "Dr Raghuram Rajan is appointed as Officer on Special Duty in the Reserve Bank of India for a period of three weeks prior to his taking over as Governor, RBI on September 5, 2013 to provide for an overlap with the present Governor," the Finance Ministry said. Rajan has been appointed for a three year term and will succeed D Subbarao. He is currently serving as Chief Economic Advisor, Ministry of Finance.

Rajan, a noted economist and former chief economist at the International Monetary Fund, will be among the youngest to occupy the high chair at the RBI. He will be 50 years and six months old when he takes over as the 23rd Governor next month.He will be the first non-civil servant in 10 years to steer the RBI. The previous non-IAS RBI Governor was Bimal Jalan, who had an almost six-year stint that ended in 2003.

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