In a farewell note to Jalan, Narasimham recently wrote: "You have not merely been a successful governor but, if I may say so, a great governor the likes of whom we have not had over the last 50 years. I believe you will take your place in the pantheon, along with the likes of James Taylor and C D Desmukh."
High praise indeed for a departing RBI governor. Not everyone may share that perception but Jalan has unquestionably left an indelible mark on Mint Street.
Business Standard caught up with Jalan on Saturday, days after his nomination to the Rajya Sabha was announced. Extracts from an interview granted to Tamal Bandyopadhyay:
Let me start by asking you the obvious. Why are you leaving for the Rajya Sabha? There is no mystery. In terms of the financial and macro economic environment, things are in a very good shape now.
The rate of inflation is low, the drought is over, the monsoon is good, interest rates are the lowest ever and foreign exchange reserves are the highest. Isn't this the right time to go? One has to move on.