With reference to the article, "Raghuram Rajan: Many hits but some misses, too" (September 3), Reserve Bank of India Governor Raghuram Rajan may not be a satisfied man with regard to developments and challenges after completing two years in office.
The economic environment has changed vastly, with new issues cropping up as old ones are settled. This gives us a measure of the uncertainties enveloping the world - India, obviously, cannot be immune to these. Rajan's has sound perception and his predictions have often turned out right. After taking charge, he was largely successful in lending respectability to the rupee that had slid to an all-time low against the US dollar. He virtually launched a war on inflation and has brought it down to a single-digit figure.
As risks to inflation persist, Rajan would not want the situation to spin out of control. He would want to consolidate the gains achieved and wait for an opportune time to use available monetary tools to steer the country towards a path of sustained growth.
Above everything else, managing uncertainties will be a tough task. But armed with a thorough understanding of the global economic situation and associated implications thereto, Rajan is certainly the right man in the right place.
Srinivasan Umashankar, Nagpur
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