The Indian government has scaled back the urgency of its search for a new governor of the Reserve Bank of India, with a replacement to Raghuram Rajan now likely only to be named after he chairs his final policy meeting next month.
Two government sources with direct knowledge of the matter said Kaushik Basu, who is stepping down as the World Bank's chief economist, had made it onto a shortlist of candidates to take over when Rajan's term expires on Sept. 4.
Here are pen portraits on the candidates under consideration to succeed Rajan at the RBI:
Kaushik Basu, 64, is retiring as the World Bank's chief economist, having been on a sabbatical from Cornell University in the United States where he is a professor in economics and international studies.
Basu was chief economic adviser to the India's Congress-led government between Dec. 2009 and July 2012 - a time when policy makers were battling inflation with high interest rates.
Basu suggested opening up the retail sector to more foreign investment to fight food inflation and revamp India's inefficient supply chain, and also advised the RBI to follow the approach of Turkey's central bank, which managed to bring down inflation while also cutting interest rates. This would put him towards the dovish end of the monetary policy spectrum.
Basu holds a PhD in economics from the London School of Economics. He studied under the guidance of Nobel prize-winning economist Amartya Sen, a critic of Prime Minister Narendra Modi.