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Saturday, July 5, 2014
Former RBI governor: I would give Rajan A+ rating
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A+ is the highest ‘grade’ in the internal Performance Appraisal System in RBI. Dr Subbarao’s rating of Dr Rajan, read with the report that “ Addressing concerns around central bank autonomy under the new government, Subbarao said he believes Rajan will be able to maintain the independence required for effective policy making.” means a lot for Dr Rajan and Reserve Bank of India and therefore for India Growth Story. Traditionally, once someone stays for sometime in Reserve Bank, the person becomes more aware about his views being taken more seriously and become ‘miserly’ in making positive observations without riders. There are a handful of exceptions. Dr Subbarao is one of them. Inside or outside RBI, he has been saying ‘what he feels’ and that benefits policy makers immensely. Thank you, Dr Subbarao.
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