The mastermind that stabilizes the Indian economy, Raghuram Rajan (Reserve Bank of India Governor) has been conferred with the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by “The Banker”, a monthly publication of the Financial Times Group focusing on banking.
- In 2015, Indian GDP grew at 7.5% which was considered as the strongest among large economies.
- The rupee was one of the few stable emerging market currencies in 2015.
- This award recognizes the officials and bankers who have best managed to stimulate growth and stabilise their country’s economy.
About the Governor of RBI
Raghuram Govind Rajan is incumbent and the 23rd Governor of the Reserve Bank of India. He was a Gold medalist at IIT Delhi & IIM Ahmedabad. He received a PhD in Management from the MIT Sloan School of Management in 1991 for his thesis titled “Essays on Banking”.
- From 2003-2006, he served International Monetary Fund (IMF) as its Chief Economist.
- In 2008, Indian Prime Minister Dr Manmohan Singh appointed Rajan as an economic adviser.
- In 2011, he was appointed as the President of the American Finance Association.
- In 2012, Mr. Rajan was appointed as the chief economic adviser to India’s Ministry of Finance during the previous year and chief economist at the International Monetary Fund from 2003 to 2007.
- In 2015, he was appointed as Vice-Chairman of the Bank for International Settlements (BIS).
- Rajan is also a member of the Group of Thirty.
- His biggest achievement is that he successfully brought down retail inflation to 3.78% in July 2015 from 9.8% in September 2013 – the lowest since the 1990s.
- Wholesale inflation was down to a historic low of 05% in July 2015 from 6.1% in September 2013.
- India’s forex reserve is now stronger by about 30% than it was two years back.
- Under Rajan, 2 universal banks have been licensed and 11 payment banks have been given the nod.
- In 2003, he co-authored Saving Capitalism from the Capitalists with Luigi Zingales.
- In 2010, he wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy for which he was awarded the Financial Times-Goldman Sachs prize for best business book
Awards and Honours:
- 2003 – Fischer Black Prize
- 2013 – Deutsche Bank Prize
- 2014 – Best Central Bank Governor award