Raghuram Rajan, a suave, unflappable University of Chicago economist, took over as the 23rd RBI governor today at a time when the Indian economy is facing a big crisis. The rupee has plunged nearly 20 per cent since May as Asia's third-largest economy confronts its worst crisis since 1990-1991. Mr. Rajan has few policy options to revive the rupee but one thing he can do immediately is explain to financial markets more clearly what steps the central bank is taking and the thinking behind them.
- We are sure that he would be able to tackle the current state of difficult times in the economy. We are sure, that as soon as the situation so allows, reversing interest rates downward along with taming inflation would be Dr Rajan's top priorities.
- He (Rajan) should immediately take steps to kick-start the economy and restore investor confidence. One is to reduce interest rates and also improve the flow of credit to infrastructure sector.
- There is an immediate need to manage on several fronts. Reviving growth, giving an impetus to investments, arresting the downslide in the rupee value and keeping inflation under check are the areas that merit attention.
- Economy challenged on many fronts, have handed over charge to Raghuram Rajan. Country could not have asked for more capable person to lead RBI in most difficult times.
- I think he's an excellent choice and he would provide effective leadership to the RBI. Of course, the immediate problem that he will have to deal with is the volatility of the foreign exchange market and the volatility of the Rupee.
- We are sure that he would be able to tackle the current state of difficult times in the economy. We are sure, that as soon as the situation so allows, reversing interest rates downward along with taming inflation would be Dr Rajan's top priorities.
- He (Rajan) should immediately take steps to kick-start the economy and restore investor confidence. One is to reduce interest rates and also improve the flow of credit to infrastructure sector.
- There is an immediate need to manage on several fronts. Reviving growth, giving an impetus to investments, arresting the downslide in the rupee value and keeping inflation under check are the areas that merit attention.
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