RR
Raghuram Rajan
100quotes
Raghuram Rajan
Full Name and Common Aliases
Raghuram Govind Rajan is commonly referred to as Dr. Raghuram Rajan.
Birth and Death Dates
Born on February 3, 1963. Still alive.
Nationality and Profession(s)
Indian, Economist, Banker, Academic, and Public Policy Maker.
Early Life and Background
Raghuram Rajan was born in Bhopal, Madhya Pradesh, India to a traditional Brahmin family. His early life was marked by his interest in economics and mathematics. He completed his schooling from St. Columba's School, Delhi. Rajan's academic prowess earned him admission to the Indian Institute of Technology (IIT) in Kanpur, where he graduated with honors.
Major Accomplishments
- Reserve Bank of India Governor: Dr. Rajan served as the 23rd Governor of the Reserve Bank of India from 2013 to 2016. During his tenure, he implemented several reforms and policies aimed at improving India's economic growth.
- International Monetary Fund (IMF) Chief Economist: Before joining the RBI, Rajan was appointed as the Chief Economist of the IMF in 2001, a position he held until 2007. In this role, he was responsible for providing economic analysis and policy advice to governments around the world.
- Academic Career: Dr. Rajan has had a distinguished academic career, teaching at several prestigious institutions including the University of Chicago, where he served as a Distinguished Service Professor.
Notable Works or Actions
Dr. Rajan is known for his work on international trade and finance. He has written extensively on issues related to economic growth, inflation, and financial stability. Some of his notable works include:
- "Has India Lost the Magic Growth Momentum?": This paper examines the factors contributing to India's slowing economic growth.
- "Saving Capitalism from the Capitalists": Co-authored with Luigi Zingales, this book critiques the excesses of modern capitalism and proposes reforms to promote greater financial stability.
Impact and Legacy
Dr. Rajan's impact on Indian economy is profound. His policies aimed at improving monetary management and promoting financial inclusion have had a lasting impact on India's economic landscape.
- Demonetization: Under his guidance, India implemented the demonetization policy in 2016, which was aimed at reducing black money and increasing tax compliance.
- Financial Inclusion: Dr. Rajan's initiatives focused on increasing access to banking services for marginalized communities, improving financial inclusion, and promoting economic growth.
Why They Are Widely Quoted or Remembered
Dr. Raghuram Rajan is widely quoted due to his expertise in economics and finance. His insights into the Indian economy and global markets are highly sought after by policymakers, business leaders, and academics alike. He has been recognized for his leadership and vision with numerous awards and honors.
His commitment to promoting economic growth, reducing inequality, and improving financial stability has earned him a reputation as one of India's most respected economists.
Quotes by Raghuram Rajan
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Everyone may have some advise for the RBI. Some may advise, 'Cut your lending rates and raise the deposit rate.' How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don't want to destroy it for a few decisions.
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If anybody was to look towards a big source of demand in future, it would be hard for them to miss India.
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The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.
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Ultimately, in the long run we need to immunise our system from being overly responsive to fluctuations in the exchange rate; that is, people should, by and large, be reasonably hedged, or they should borrow more in domestic currency rather than foreign currency.
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The idea was never for me to be a career bureaucrat or career technocrat; it was more about where I could implement ideas and reform programs.
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Every adverse development across the world affects the rest of the world in some way.
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I don't think policy makers surprise unnecessarily. You don't pick surprise as a part of your policy. Markets value a certain amount of predictability. But there are certain areas where surprise is a tool.
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