This refers to the report "Rajan to be next RBI governor" (August 7). Raghuram G Rajan has rightly said, there is no "magic wand" for our economic woes. Unlike most of the western trained/World Bank-associated economists, Rajan doesn't blindly endorse the West's economic policies. In 2005, he predicted the financial meltdown of 2008-09. His views on the RBI's role, inflation, foreign direct investment and growth are pragmatic, practical and differ from the United Progressive Alliance's views. The government has a major role in getting the economy back on track, but expects the RBI to do the same. While the finance minister may not find a "yes man" in Rajan, the new RBI governor will find many obstructions and road blocks to implement his "pragmatic" views.
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N Ramamurthy Chennai
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number