It is safe to say that the Finance Ministry will be hard placed to find an easy replacement to Raghuram Rajan. This is probably why commentary around June’s Credit Policy measures have focused much more on his reappointment or departure, rather than policy measures themselves.
Almost a century ago, American entertainer Will Rogers humorously said that there were three big inventions since the dawn of time: Fire, the wheel, and central banking. Reading media reports on the kerfuffle around Reserve Bank of India (RBI) governor Raghuram Rajan’s reappointment for a second two-year term – or not – it seems sort of hard to disagree with the late Rogers.
