Published: 03rd February 2021
#ThrowBackToday: The excellence of erudite economist Raghuram Rajan who turns 57 today
In today's #TBT, we talk about economist Raghuram Rajan and how his term as the RBI Governor was the most beneficial for India. And it turns out, the man has a heart of gold too. Read on for more...
Economist extraordinaire and former Governor of Reserve Bank of India (RBI) Raghuram Rajan was born on February 3, 1963. We already know how erudite he is, but we chose the following tale to bring out how he has a sensitive heart to go with it.
In 2013, when ten-year-old Laila Indira Alva heard her parents talking about the Indian economy and how weak the rupee had grown as opposed to the dollar, the Delhite promptly wrote a letter to the then RBI Governor Rajan expressing her distress with regards to the economy. She even enclosed a $20 note which she had saved from her trip abroad. Never in her wildest dreams would she have expected a reply from the MIT alumni. She received an invitation to visit him in Mumbai during which, she quizzed him about inflation and so on. How endearing is that!
Rajan is most notably known to have eased inflation and stabilised the rupee. Under him, the RBI also licensed two universal banks and approved eleven payment banks so that banking facilities could reach those who need it the most. He continues to be vocal about several issues that plague India and its economy today.
READ ALSO: #ThrowBackToday: The day writer Mark Twain picked up the pen for good and how he got his name
Also, do you know what's common between former RBI governor Raghuram Rajan and former Prime Minister Manmohan Singh? Apart from the fact that they are the finest economists our country has produced, they were both 50 years old when they became the governor of RBI.
Taking three years to print 200 copies might seem like a joke now, but back in the day when hand-written copies were all that mankind knew, it was a miracle. And the inventor to make this happen was Johannes Gutenberg from Germany, who passed away on February 3, 1468. It's his invention of the printing press with mechanised inking which made the Gutenberg Bible possible.