No Magic Wand To Make The Problems Disappear Instantaneously - RBI Governor Designate
Dr. Raghuram Rajan, Chief Economic Adviser, Ministry of Finance, has been appointed as the new Governor of Reserve Bank of India. He will take over next month on the present Governor Dr. D. Subba Rao demitting office.
Dr Rajan said that the Reserve Bank (RBI) is a great institution with a tradition of integrity, independence and professionalism and it is a great honour to be appointed as the Governor.
Dr Rajan said that we do not have a magic wand to make the problems disappear instantaneously, but he had absolutely no doubt that we will deal with them.
Dr. Rajan had a brilliant academic record - a graduate from IIT, Delhi followed by IIM, Ahmedabad and a Ph.D from MIT. At 50, he will be one of the youngest of RBI Governors after CD Deshmukh and Manmohan Singh.