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Rajan time in Delhi has in a way seasoned him in the Indian context. Everyone of us needs to go back and read that report on financial sector reforms authored by Rajan.
Raghuram Rajan’s moves are in a way textbookish if you know what he has said about India or when he has worked on Indian issues. He has got a very strong market’s approach to the whole thing. I think his time in Delhi has in a way seasoned him in the Indian context. I think it is a marriage of these two that I would expect him to bring to this role.
Everyone of us needs to go back and read that report on financial sector reforms (authored by Rajan). That report brings out his approach to how India should progress in a financial context. In that report he speaks a whole lot on freeing up which I think was endorsed by committee members at that point in time. I would see that large part of that should happen now that he is in the seat. Of course tempered with his experience in Delhi because that will be invaluable to him in his job.
He would an inflation hawk because this is a consistent policy that we have heard from the governors of the RBI. We are a nation of a billion plus people hence preventing the harm it (inflation) could do this mass of people is what that (Governor) seat is supposed to do. So I am sure that that will be a paramount in Rajan's mind.
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Economy turning for sure but cant say for mkts: DSP