India’s central bank chief Raghuram Rajan deserves an “A+” grade for his performance over the past 10 months, says predecessor Duvvuri Subbarao.
“If there is anything beyond [A+], I would give it to him. He’s been able to [apply] his scholarship of finance to practical situations. He’s doing very well,” Subbarao – who was at the helm of the Reserve Bank of India from September 2008 to September 2013 – told CNBC on Friday.
“There’s no doubt from his decisions and actions over the last 10 months he is doing what is right,” he said.
Rajan took the reins from Subbarao amid a challenging environment of sluggish growth, stubbornly high inflation and a currency at its weakest level in history.
Asia’s third largest economy expanded 4.7 percent in the fiscal year that ended March 31, with growth stuck below 5 percent for a second consecutive year. Meanwhile, retail inflation has averaged around 10 percent for the past two years, according to Reuters.
His success in restoring financial stability and regaining investor confidence within weeks of being on the job has earned him the nickname India’s “rock star” central banker.
The rupee, for example, has appreciated over 9 percent since September, helped by measures the governor took to reverse capital outflows and liberalize the banking system.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019