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Rajan given Best Central Bank Governor award by Euromoney

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Rajan given Best Central Bank Governor award by Euromoney

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Reserve Bank of India (RBI) chief Raghuram Rajan. Photo: Mohammed Yousuf

Reserve Bank of Insia governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine.

Euromoney said Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis.

“Now, he is battling vested interests to arouse a sleepy financial system for over one billion people... Remarkably, the internationally-renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis of sorts, has, for the past year been true to his word,” Euromoney said.

Mr. Rajan received Euromoney’s Central Bank Governor of the Year Award 2014 in Washington on October 10, the RBI said in a release on Wednesday.

“As he confronted capital outflows, the rupee at record lows, and over-blown but palpable fears India was marching towards an Asia-crisis style abyss, Mr. Rajan duly administered tough monetary medicine to ailing bond and currency markets,” Euromoney added.

In January 2003, the American Finance Association awarded Mr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.

The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, and the Center for Financial Studies-Deutsche Bank Prize for financial economics in 2013.

Rajan given Best Central Bank Governor award by Euromoney - The Hindu
 

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An excellent appointment. Too much time was wasted in infighting which slowed down this appointment for months. Those months cannot be recovered. The honeymoon period for democratic govts, during which really tough economic policies are enforced, begins to erode quickly. Time is short and we have a ill finance minister who also carries the defence portfolio. A new defence or finance minister must happen quickly or there will be more erosion of the democratic mandate.

Arvind Subramanian is Chief Economic Adviser


Arvind Subramanian, Senior Fellow at the Peterson Institute for International Economics, has been appointed as India’s new chief economic adviser (CEA), the government said Thursday.

The CEA, a post that has been lying vacant since September last year after Raghuram Rajan took over as new Reserve Bank of India (RBI) governor, is usually the main go-to person for advice for the finance minister on macro-economic matters and primary responsibilities, among others, include authoring the mid-year analysis and the Economic Survey.

While the mid-year analysis is usually presented in Parliament during the winter session, the Economic Survey—the government’s official report card of the economy--is tabled just before the announcement of the annual budget.



This year’s Economic Survey was mainly piloted by Ila Patnaik, who was appointed as the principal economic advisor in the finance ministry in April.
HT was first to report on Subramanian’s likely appointment as India’s new CEA on August 11.

Subramanian, has written on growth, trade, development, institutions, aid, oil, India, Africa, and the World Trade Organisation (WTO). Foreign Policy magazine had named him as one of the world's top 100 global thinkers in 2011.

He has published widely in academic and other journals, including the American Economic Review (Papers and Proceedings), Review of Economics and Statistics,
Journal of International Economics, Journal of Monetary Economics, Journal of Public Economics, Journal of Economic Growth, Journal of Development Economics, Brookings Papers on Economic Activity, Oxford Review of Economic Policy, International Monetary Fund Staff Papers, Foreign Affairs, World Economy, and Economic and Political Weekly.

He has advised the Indian government in different capacities, including as a member of the Finance Minister's Expert Group on the G-20 and has authored a book India's Turn: Understanding the Economic Transformation published in 2008 by Oxford University Press.

He obtained his undergraduate degree from St. Stephens College, Delhi; his MBA from the Indian Institute of Management at Ahmedabad, India; and his M.Phil and D.Phil from the University of Oxford, UK.

Another book Eclipse: Living in the Shadow of China's Economic Dominance was published in September 2011, and he is the coauthor of Who Needs to Open the Capital Account? (2012).

He was assistant director in the Research Department of the International Monetary Fund. He served at the GATT (1988–92) during the Uruguay Round of trade negotiations and taught at Harvard University's Kennedy School of Government (1999–2000) and at Johns Hopkins' School for Advanced International Studies (2008–10).

Arvind Subramanian appointed new chief economic adviser - Hindustan Times

 

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