Reserve Bank of India Governor Raghuram Rajan has been named the Best Central Bank Governor for 2014 by Euromoney magazine.
The award was conferred by Euromoney in Washington on October 10.
Rajan succeeded Duvvuri Subbarao as the RBI chief on September 4, 2013, for a tenure of three years.
Earlier he acted as the chief economic adviser to India’s Ministry of Finance. Prior to that Rajan served as the chief economist at the International Monetary Fund between 2003 and 2007.
“Reserve Bank of India Governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis,” Euromoney said while announcing the award.
“Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.”
“As he confronted capital outflows, the rupee at record lows, and over-blown but palpable, fears India was marching towards an Asia-crisis style abyss, Rajan duly administered tough monetary medicine to ailing bond and currency markets,” Euromoney added.
When Rajan took office as the RBI chief, the rupee was near its record low level against the dollar and the emerging markets were facing capital outflows on tapering announcement by the Federal Reserve.
In order to attract more dollars into the nation and to address the currency weakness, he relaxed norms on overseas dollar deposits.
Further, he shifted the focus to contain inflation based on the consumer price index. Resisting calls for rate cut to boost economic growth, he lifted the key rate by 75 basis points since he took the helm at the central bank.
The bank targets to bring consumer price inflation to 8 percent by January 2015 and to 6 percent by January 2016.
by RTT Staff Writer
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RBI Chief Rajan Wins Best Central Bank Governor Award
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