Apropos A V Rajwade's column, "Will Rajan get a second term?" (May 19), the resistance to Raghuram Rajan's continuance as Reserve Bank of India (RBI) governor from some political quarters has various roots.
On the professional front Rajan has an impressive record. He is recognised as one of the most talented bankers in the world and has contributed immensely to check inflation, provide relative stability to the rupee and introduce differentiated banks. It is blinkered thinking to blame him for jobless growth when the government did not match his moves with executive action in infrastructure and other reforms. On the matter of non-performing assets, too, the reasons are a mix of political intervention and fiscal imprudence.
The fact that Rajan is fiercely independent in his actions and not given to making politically correct statements has offended the powers that be. His criticism of Make in India - he advised "make for India" - calling India a one-eyed king in the community of the blind have irked the government. What needs to be appreciated is his professional integrity.
Subramanian Swamy's allegation that Rajan is not mentally Indian because of his NRI status is malicious. The charge is potent, nevertheless, as Swamy might be speaking for the disgruntled government.
As a good HR policy, the search for Rajan's replacement should be within the RBI - to determine whether an internal candidate can succeed him, given the domestic and global demands of economy and the need to balance growth with inflation.
Y G Chouksey, Pune
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