MUMBAI: Top industry leaders on Saturday said RBI governor Raghuram Rajan’s decision not to take a second term will be “nation’s loss” as he brought economic stability and enhanced India’s credibility on world stage.
India Inc, led by Anand Mahindra, Rahul Bajaj, Deepak Parekh, Arundhati Bhattacharya, Chandrashekhar Ghosh, A Balasubramanian hoped that Rajan’s successor will continue with the ‘good work’ he did.
Reacting to the development, Bajaj Group chairman Rahul Bajaj said, “The statement about his decision (not to extend his tenure) makes it very clear on how it was taken.”
Mahindra & Mahindra Chairman Anand Mahindra said he was “saddened” to hear about Rajan’s decision to opt for academia at the end of his current term. “In my travels around the world and encounters with leading overseas businessmen it became clear that during his (Rajan’s) tenure he greatly enhanced the credibility and bankability of India. I trust a successor will be found who will continue and enhance the great work done by governor Rajan,” Mahindra said.
HDFC chair man Deepak Parekh said, “It’s a pity to lose him. I’m wondering what has precipitated this action by the governor.”
{{/usCountry}}HDFC chair man Deepak Parekh said, “It’s a pity to lose him. I’m wondering what has precipitated this action by the governor.”
{{/usCountry}}Similarly, HDFC chairman Deepak Parekh said, “I am sure the government at the right time would have considered giving him another two years term as most governors have got.”
Meanwhile, SBI chairperson Arundhati Bhattacharya said, “Dr Rajan is a person of very high caliber, who has built ably on the reputation of our central bank and given it a very large measure of credibility.”
Chandrashekhar Ghosh, CEO of Bandhan Bank said it would be better if he continued to serve as RBI governor.
A Balasubramanian, CEO, Birla Sun Life Asset Management said, “It would have been better had he stayed on... He is setting a new benchmark for the RBI from the various practices point of view. Had he been there for another term, whatever reforms he had initiated in the last two years could have been carried forward and would have helped India as a country to see its benefits. He steered the country in uncertain times and now the economy is getting on a good footing, especially in the last one year.”