Govt plays Raghuram Rajan card

In the enveloping economic gloom, the government played Raghuram Rajan Card. As Raghuram Govind Rajan took charge as the RBI Governor, the media was gushing in terms usually reserved for the glamorous film stars. By his dramatic entry, he has fired the imagination of the markets by articulating some first steps, even as he assured that concrete actions will be taken, as well as some intentions to take actions based on plans that he will formulate.

In his inaugural speech as RBI Governor, Raghuram Rajan admitted that these are not easy times, as economy faces challenges. At the same time, he said India was a fundamentally sound economy with a bright future. “Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets. I have every confidence we will succeed in doing that,” was his emphatic assertion. Mahindra and Mahindra boss Anand Mahindra tweeted: “He hails from Tamil Nadu. If his is a blockbuster hit, we’ll call him Chennai Express.”