Raghuram Rajan is next Reserve Bank Governor
Chief Economic Advisor Raghuram Rajan is set to grab the top post as the Governor of the Reserve Bank of India for the next three years.
Rajan will succeed the current RBI Governor Duvvuri Subbarao whose term ends on September 4. The Finance Ministry announced his appointment on Tuesday.
"The Prime Minister has approved the appointment of Dr Raghuram Rajan as the Governor of Reserve Bank of India (RBI) for a term of three years," a statement issued by the Finance Ministry said.
Last year, Rajan was appointed as the Chief Economic Advisor to the Ministry of Finance, Government of India. He has formerly worked as the chief economist at the International Monetary Fund.
Rajan has been a gold medalist in IIT-Delhi and IIM-Ahmedabad.
He takes over as the RBI chief at a time when the Indian currency has fallen over 12 per cent since January this year.
The immediate challenges before Rajan would be to stabilise the rupee volatility, changing interest rate scenario amid weaker GDP growth, high inflation levels and high vulnerabilities of the external environment.
