As India turns 71 next week, Outlook zeroed in on 21 individuals who have made a lasting impression on this country – for both good and bad – so far in the 21 st century. And we got 21 equally important personalities to write on the 21 individuals we chose.
In this column,Business Standard's Editorial Director A.K. Bhattacharya writes on former RBI Governor Raghuram Rajan.
Like many of his predecessors, Raghuram Govind Rajan entered the office of the governor of the Reserve Bank of India (RBI) on Mint Road in Mumbai after a short stint in North Block, headquarters of the Union finance ministry. But unlike many of them, Rajan, during his three-year tenure, restructured the country’s monetary policy framework in a manner that is truly unprecedented. Monetary policy making in India after Rajan has not been the same again.
History will record Rajan as the last RBI governor who individually made monetary policy, though in consultation with colleagues, and paved the way for...