From Life Hacker India
Do you know what has changed since Raghuram Rajan took charge as the Reserve Bank of India (RBI) governor in September 2013? Many things and one of them is inflation. It is now under control. In fact, the economy is bouncing back and current account deficit has been whittled down to an insignificant statistic.
The credit goes to Raghuram Rajan, also former chief economist at the International Monetary Fund (IMF). Here we share 10 things about the person who put India’s economy out of doldrums.
1. Background: He was born on February 3, 1963 in Bhopal in a Tamil family. His father was a senior officer in the Intelligence Bureau. He is married to Radhika, a classmate from Indian Institute of Management, Ahmedabad. They have two children.
2. Education: He graduated from Indian Institute of Technology (IIT) Delhi and acquired a Post Graduate Diploma in Business Administration from IIM-Ahmedabad in 1987, followed by a PhD from Massachusetts Institute of Technology (MIT). He was a gold medalist both at IIT and IIM.
3. Author: He is the author of the popular book Fault Lines: How Hidden Fractures Still Threaten the World Economy. In his book, he said that serious flaws in the economy are reason for the current economic crisis.
4. Predicted 2008 global slowdown: Rajan came into limelight after he predicted the 2008 global financial crisis. He mentioned about the crisis in his paper titled ‘Has Financial Development Made The World Riskier?’ He submitted the paper in November 2005.
5. Chief economist at IMF: Rajan was also the chief economist at the International Monetary Fund (IMF) from October 2003 to December 2006.
6. A great thinker: Rajan was featured on the Foreign Policy magazine’s Top 100 Global Thinkers list in 2010 and 2012.
7. Professor: He has worked as the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago.
8. RBI governor: He took charge of India’s central banking institution RBI on September 5, 2013, succeeding Duvvuri Subbarao. Rajan is the 23rd governor of the RBI.
9. Policy change: Under his leadership, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm.
10. Curbed inflation: He brought down the retail inflation to 3.78% in July 2015 from 9.8% in September 2013 – the lowest since the 1990s.