If you thought that Raghuram Rajan was the Guv of Reserve Bank of India, then you are not the only one who would have been mistaken. I am one who thought so too until today when it dawned on me that he is not one person.
When reading about his speech delivered that he had delivered at the Harvard Business School, Cambridge, Massachusetts, I began to have different visions of him. See for yourself what all I had.
He said: “This year the monsoon is going to be good” – so he became the astrologer.
He said:” So, animal husbandry , poultry will pick up and thus drive up sentiment..” – so he became my sooth-sayer.
He said: ” $115 Bn worth projects have been cleared so economy will pick up” – so he became a politician.
He said :”If you are an outsider looking at India, learn to filter out both the irrational exuberance and the excessive pessimism. We’re subject to both. You will become manic-depressive if you follow our moods.” – he became the perfect economist. Nothing was clear. But sentences were grammatically correct. Also seemed to be doctor like.
To address inflation he said : “In the US you know there is a large interest rate-sensitive sector that is going to be affected when you raise interest rates … But what if you have a large part of the country that is not connected directly to the financial system?” – here he meant the parallel economy that runs in the black that is not altered by any interest rate hikes that the RBI imposes. Here he became the pragmatic Indian.
So who is the real Raghu Ram Rajan ? Make a guess ?