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Raghuram Rajan says has no immediate plans of writing a tell-all book

business Updated: Jul 17, 2016 15:19 IST
Raghuram Rajan

Reserve Bank governor Raghuram Rajan speaks during an interactive meeting with industry and trade organisations organised by The Associated Chambers of Commerce and Industry of India in Bangalore.(AFP file)

Outgoing RBI governor Raghuram Rajan, known for his outspoken ways, has no “immediate plans” to write a tell-all book on his experience as the central bank head, unlike his predecessor D Subbarao whose revealing memoir has just come out.

Rajan, who was accused by critics of keeping interest rates too high and was often seen as being critical of the government and its policies, making his tenure full of several controversies, said he plans to write on “academic issues” after leaving the Reserve Bank of India.

Read: RBI governor Rajan challenges critics to show how inflation is ‘very low’

“I have no immediate plans to write a book on this subject,” he said when asked whether he would write a book similar to Subbarao’s a few years down the lane. “I will write on academic issues,” Rajan told journalists.

He refused to take any questions on his decision not to seek a second term, or, on political criticism.

Subbarao, who served as the RBI governor for five turbulent years between 2008 and 2013, in his just-released book ‘Who Moved My Interest Rate’, has written about several occasions when he felt pressure from the then finance ministers P Chidambaram and Pranab Mukherjee to cut interest rates.

He also said “there is a price to pay, of course, for not falling in line”, referring to the government’s refusal to accept his recommendations in appointment of deputy governors.

While a tussle has been noticed between the RBI governor and the government for years, it is said to have escalated in recent years, while Rajan has often been seen as being critical of the government, including on non-economic matters.

Rajan (53) surprised everyone last month by announcing he would not seek a second term at the RBI at the end of his current three-year tenure on September 4 and would return to academia.

Ten of the 22 governors so far -- including Rajan’s three immediate predecessors -- served at least five-year terms. Two of them -- in 1937 and 1957 -- resigned early due to differences with the government.

Rajan, a former chief economist at the IMF and on-leave professor of finance at the Chicago University’s Booth School of Business, was appointed the RBI governor by the previous Congress-led UPA government in September 2013.

When he took charge, the rupee was at a record low and the inflation rate was among Asia’s highest. While he is credited for having stabilised the forex market; he is also criticised for holding interest rates high for a long time.