Rajan being attacked for fighting crony capitalism: Economist

Author Luigi Zingales says the RBI governor is being attacked for fighting the inefficiency of the banking system

Coming to the defence of Raghuram Rajan, his Chicago University colleague and co-author Luigi Zingales said the Reserve Bank of India (RBI) governor was being attacked for "fighting the inefficiency of the banking system" and for taking on the crony capitalists in the country.

Amid a debate in India on whether Rajan will get an extension or not beyond his current term ending this September, Zingales said governorship earlier used to be "entrusted to grey bureaucrats that left no impact". "Rajan, however, is the dream of the new India: Young, competent, and reached the top of the Indian central bank because of his skill, not because of his political alignment," he wrote in an article.