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Rajan era ends
Ending all speculation whether there would be a second term as the head of the Reserve Bank of India when his term finishes on September 4 this year, RBI Governor Raghuram Rajan said, even as the Modi government announced that Rajan\'s successor would be named soon.
New Delhi: Ending all speculation whether there would be a second term as the head of the Reserve Bank of India when his term finishes on September 4 this year, RBI Governor Raghuram Rajan said, even as the Modi government announced that Rajan's successor would be named soon.
In a message to the RBI staff on Saturday, Rajan made it clear that he "will be returning to academia when my term as Governor ends". He also said: "I will, of course, always be available to serve my country when needed." The announcement of Rajan not to serve the RBI for the second term has stirred a political battle with senior Congress leader P Chidambaram stating that the government 'didn't deserve Rajan'.
- Successor soon, says Union Minister Jaitley
- Govt didn't deserve him: Chidambaram
- Good if he is gone, maintains Swamy
- Will go back to academia: Raghuram
The government, however, kept its response to Rajan's announcement simple. " Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment. The government appreciates the good work done by him and respects his decision," said Union Finance Minister Arun Jaitley in Facebook post. "A decision on his successor would be announced shortly," he added.
"I am disappointed and profoundly saddened by the decision of Rajan to leave the RBI on completion of his term on September 4, but hasten to add that I am not surprised at all," read a statement from Chidambaram, who was the Union Finance Minister when Rajan had been appointed to head the RBI .
"As I had said some time ago, this government did not deserve Rajan. Nevertheless, India is the loser," Chidambaram declared. However, BJP MP Subramanian Swamy, who demanded sacking of Rajan, said in Bhubaneswar that his (Rajan’s) decision not to take a second term was good because he has realised he would not get another tenure.
He took another shot at Rajan. "Let him pretend that he is giving up and going. As long as he is going, it is good," Swamy said. " The reasons I had given (against Rajan's continuance) were all valid. He has realised he would not get a second term. That's why he has made a statement himself," Swamy said.
Swamy, who called him unfit for the post, had in May written to Prime Minister Narendra Modi asking him to terminate Rajan's tenure. Rajan was appointed RBI Governor by the previous UPA government in September 2013 for a three-year term, which can be extended.
Source: Agencies
