Sad to see governor go, says India Inc

New Delhi/Mumbai: Financial market players, bankers and India Inc reacted with dismay at the news of RBI governor Raghuram Rajan opting out for a second term, saying it was “sad to see him go.”

“Dr. Rajan is a person of very high calibre, who has ably built the reputation of our central bank and lent it a huge credibility,” Arundhati Bhattacharya, chairman, State Bank of India.

Rajan, credited with ushering in changes in the central bank, has been a favourite with the financial markets and has attracted global attention for his deft handling of monetary policy.

“Raghuram Rajan’s tenure provided overall macro-economic stability while rightly emphasising that growth, inflation and fiscal deficit are still work in progress,” said Sanjay Nayar, CEO & country head, KKR & Co. “Rajan brought in a keen focus on managing currency in an environment where India happens to be an integral part of global capital flow and furthered the NPA resolution process. But the RBI is a continuing institution and I hope there will be no major shifts in the areas of focus,” added Nayar.

Deepak Parekh, chairman, HDFC said Rajan has been different than governors in the past and had come as a breath of fresh air. “I’m sure the government would have granted him a fresh term. Never in the past have I seen so much enthusiasm, anxiety and speculation over a governor’s extension,” he said.
 “I think the negative comments by some people put him off and this precipitated his decision,” Parekh said.

NR Narayana Murthy, co-founder, Infosys said India was lucky to have had the services of an outstanding economist like Rajan.

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