Letters: Course correction

Apropos Mihir S Sharma's column, "Why Raghuram Rajan matters" let it be reasserted that the outrage was not against well-informed, balanced media discussions on public issues; it was specifically against personal attacks on Reserve Bank of India Governor Raghuram Rajan. Rajan has responded gracefully, ignoring the bids to tarnish his image.

Unless exceptional situations materialise, positions such as the one held by Rajan should have a longer tenure of five to 10 years. Rajan should have been appointed for a full five-year term in 2013. But this is what happens when governments take short-term views on crucial issues.

Although past decisions can't be rewound to correct them, if Rajan had been groomed for a year starting September 2013, D Subbarao's term had been extended by another year and Rajan had then been given a five-year term beginning September 2014, financial sector reforms would have been implemented faster during Rajan's era.

Hopefully, there will now be a rectification by reappointing Rajan - or a more efficient individual, if the government can find one, that is - for a full five-year term from September 2016.

M G Warrier Mumbai

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