Issued in Public Interest
Applause to the RBI Governor on his bold decision of slashing repo rates and even expressing himself candidly to a question from the media on the same.
Bold, insightful and astute are a few words that befit the much-respected Dr.Raghuram Rajan, the Governor of RBI. He’s made quite a statement by reducing the interest rate by 0.50%, almost double of what was expected by the loan market. The cut brought down the repo rate to 6.75%, which is said to be the lowest in the past four-and-half-years.
In addition to this bold move of his, what’s being talk about and admired is him mincing no words when it comes to being snappy in his retorts. At the press conference to announce the fourth monetary policy, he was asked if he was being Santa Claus in giving more than expected or should his statement be read as hawkish, he replied, "I don't know what you want to call me... Santa Claus... you want to call me hawk, I don't know. I don't go by this. My name is Raghuram Rajan and I do what I do".
Justifying on why the RBI cut interest rate by 0.50%, he said: "We want to make sure that the words sustainable and growth go together. Both are important. And that's why we used what room we had. But I don't think we were excessively aggressive. We were not throwing out Diwali bonus."
In that way, he did what he thought was in the interest of the public and spoke what he felt was apt for himself. Even on earlier occasions, Dr.Rajan has never held himself back and has done what he thought would work best in the interest of the country’s economy and its citizens.
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