Rajan's list of must-dos
In his maiden speech as governor of the Reserve Bank of India, on September 4 last year, Raghuram Rajan produced a long list of must-dos.
Two stood out: One, his resolve to "build a bridge to the future, over the stormy waves produced by global financial markets"; and two, he added "transparency and predictability" to the existing traditions of the RBI.
One year on, he has taken major steps towards making both those promises a reality.
When he took charge, the rupee had plunged nearly 28 per cent in five months and the current account deficit was 4.8 per cent of the gross domestic product or GDP.
Both are distant memories now and the conversation has moved away from a potential sovereign ratings downgrade.
Text: Business Standard
Images courtesy: Reuters