रघुराम राजन (जन्म: 3 फ़रवरी, 1964)

February 03, 2017

रघुराम राजन (जन्म: 3 फ़रवरी, 1964) भारतीय रिजर्व बैंक के पूर्व (23वें) गवर्नर हैं। 4 सितम्बर, 2013 को डी. सुब्बाराव की सेवानिवृत्ति के पश्चात उन्होंने यह पदभार ग्रहण किया था। विश्‍व के प्रमुख दस अर्थशास्त्रियों में से एक रघुराम राजन ने डॉ. डी. सुब्‍बाराव के बाद गवर्नर का पद संभाला। रघुराम राजन पर गिरते रुपए को संभालने के साथ-साथ देश की अर्थव्‍यवस्‍था को फिर से पटरी पर लाने की सबसे बड़ी चुनौती थी। 4 सितम्बर, 2016 को रघुराम राजन का कार्यकाल पूर्ण हुआ और उनके स्थान पर उर्जित पटेल ने 5 सितम्बर, 2016 से आरबीआई के नये गवर्नर के रूप में कार्यभार ग्रहण किया।


जीवन परिचय
अर्थजगत से जुड़े कई पुरस्कार जीत चुके तथा प्रधानमंत्री मनमोहन सिंह के आर्थिक सलाहकार रह चुके रघुराम राजन का जन्‍म 3 फ़रवरी, 1964 में मध्‍य प्रदेश के भोपाल में एक तमिल परिवार में हुआ था। जन्‍म के बाद से वे लगातार अपने परिवार के साथ श्रीलंका, इंडोनेशिया तथा बेल्जियम घूमते रहे और इनकी प्रारंभिक शिक्षा भी चलती रही। 1974 में उन्होंने बेल्जियम से भारत आकर अपनी बाकी पढ़ाई दिल्ली से की।


1985 में उन्होंने दिल्‍ली के आईआईटी से इंलेक्ट्रिकल इंजीनियरिंग में स्‍नातक की पढ़ाई पूरी की। रघुराम को आईआईटी दिल्‍ली के निदेशक द्वारा बेस्‍ट ऑल राउंड अचीवमेंट का गोल्‍ड मेडल दिया गया। इसके बाद वे आईआईएम अहमदाबाद से बिजनेस एडमिनिस्‍ट्रेशन में पोस्‍ट ग्रेजुएशन की पढ़ाई पूरी की जहां उन्‍हें फिर से गोल्‍ड मेडल मिला। रघुराम ने 1991 में प्रबंधन में 'बैकिंग निबंध' विषय में एमआईटी से पीएचडी की उपाधि प्राप्‍त की। रघुराजन स्‍नातक के बाद ही शिकागो विश्‍वविद्यालय के बूथ स्‍कूल ऑफ बिजनेस में बतौर फैकल्टी बने। 2003 में वे इंटरनेशनल मोनेटरी फंड (आईएमएफ) में सबसे कम उम्र के आर्थिक सलाहकार और शोध के निदेशक बने। 2003 में अमेरिकन फिनांस एसोसिएशन द्वारा 40 वर्ष के कम उम्र के अर्थशस्त्रियों के लिए किए गए अवॉर्ड शो कार्यक्रम में भाग लिया, जहां उन्‍हें सेंटर फॉर फिनांस स्‍टडी द्वारा फिनॉस इकॉनोमिक्‍स में महत्‍वपूर्ण योगदान देने के लिए 5वीं ड्यूश बैंक पुरस्कार दिया गया। रघुराम ने 2005 में यूएस फेडरल रिजर्व में क्रिटिकल ऑफ द फिनॉसियल सेक्‍टर विषय पर एक शोध पेपर पेश किया। 2008 में आए आर्थिक संकट से उबारने में उनका अनुभव काम आया। इसके बाद 2009 में द वॉल स्‍ट्रीट जनरल में उनके बारे में छपा जिसके बाद उन्होंने अकादमी पुरस्‍कार विजेता दस्‍तावेजिक फ़िल्‍म इनसाईड जॉब के लिए साक्षात्‍कार दिया।[1]


वर्ष 2008 में वे प्रधानमंत्री मनमोहन सिंह के आर्थिक सलाहकार नियुक्‍त हुए और उसी साल उनकी अध्‍यक्षता में हाई लेवल कमेटी ऑन फिनांसियल रिफॉम की बैठक हुई जिसकी अंतिम रिपोर्ट प्‍लानिंग कमिशन को सौंपी गई। 2012 में वे भारतीय फिनांस मंत्रालय में आर्थिक सलाहकार के प्रमुख नियुक्‍त हुए। रघुराम राजन ने यूरोप तथा यूएस में 2008 के दौरान आए आर्थिक संकट को लेकर 2008-12 की समयावधि के लिए रिसर्च पेपर लिखा जिसमें इस आर्थिक संकट के कारणों पर विस्‍तारपूर्वक जानकारी दी।[1]


2012 में राजन और पॉल क्रुगमैन के साथ यूएस और यूरोप को कैसे आर्थिक रूप से मजबूत बनाया जाए विषय पर हुई चर्चा में भाग लिया जहां उन्‍हें विचार संपादक कमेटी में शामिल किया गया। उन्होंने कई लेखकों के साथ मिलकर 'सेविंग कैप्‍टलिल्‍म फॉम कैप्‍टलिस्‍टस', 'द ट्रु लेशन ऑफ द रिजन' सहित कई शोध पत्र भी लिखे।


रघुराम राजन ने अपने कार्यकाल में भले ही राजनेताओं को संतुष्ट नहीं किया, लेकिन आम लोगों के लिए उन्होंने इतने कम वक्त में बहुत काम किया। उन्हें मिडल क्लास का मैन कहा जाता है। क्योंकि वे एक मात्र ऐसे गर्वनर बने थे, जिन्होंने उच्च वर्ग के टैक्स और अर्थव्यवस्था के बारे में नहीं सोचा बल्कि निम्न और मध्यम वर्ग के हिसाब से बैंक की स्कीम बनाई। राजन ने पॉलिसी में बहुत ज्यादा बदलाव नहीं किए, लेकिन तीन साल की ग्रोथ बताती है कि अगर वे कुछ समय और बने रहते तो शायद भारत की अर्थव्यवस्था में भारी बदलाव हो सकता था।


बैंक लोन और मुद्रास्फीति में राजन का कोई जवाब नहीं है। उन्होंने हर बार मौद्रिक नीति पर नए सिरे से काम किया। बैंकिंग सेक्टर में उन्होंने कई नई पहल की। उन्होंने आईएफडीसी और बंधन जैसे माइक्रोफाइनेंशियल शाखों को बैंक के रूप में खोलेन की घोषणा की। पिछले दो दशक में ऐसा पहली बार हुआ है। बैंकों का कहना था कि उनके कार्यकाल के दौरान ब्याज दर हमेशा ही न्यूनतम रही, जिसकी वजह से महंगाई पर बहुत ज्यादा कोई असर नहीं हुआ। सोशल मीडिया और राजनीति की ओर से उन पर खूब वाप हुए, लेकिन उन्होंने कभी भी नकारात्मक रवैया नहीं अपनाया। उन पर कई बार निजी हमले भी हुए, फिर भी उन्होंने अपना काम सही ढंग से किया। एक समझदार और संजीदा गर्वनर के रूप में उन्होंने अपनी पहचान बनाई। स्मॉल फाइनेंस और एनपीए खोलने की योजना बनाई। पेटीएम और एयरटेल मशीन भी उनके दौर में बाज़ार में आई। राजन ने जब चार्ज लिया उस वक्त मुद्रास्फीति चरम पर थी, लेकिन उन्होंने सेंट्रल बैंक की नीतियों पर काम किया। हालांकि आज भी हम महंगाई से लड़ रहे हैं। वित्त मंत्री ने भी इस बात को माना है।[2]


साल 2015 के नवंबर में उन्होंने एसेट क्वालिटी में सुधार किया। राजन ने जब साल 2013 में काम संभाला, तब महंगाई 9 फीसदी थी और थोक महंगाई 7 फीसदी, लेकिन तीन साल के भीतर खुदरा महंगाई 4 के नीचे चली गई। एक बात याद रखने की है कि उनके समय में रुपया खूब मजबूत हुआ। शेयर बाज़ार में भी ऐतिहासिक उछाल आया था। एक साल के अंदर रुपया 60 रुपए से ज्यादा मजबूत हुआ।


रघुराम राजन ने भारत में होने वाले वित्तीय संकट की भविष्यवाणी पहले ही कर दी थी। अप्रैल 2009 में राजन ने 'द इकोनोमिस्ट' के लिए अतिथि स्तम्भ लिखा, जिसमें उन्होंने प्रस्तावित किया कि एक नियामक प्रणाली होनी चाहिए जो वित्तीय चक्र में होने वाले अप्रत्याशित लाभ को कम कर सके। रघुराम राजन को निम्नलिखित पुरस्कार मिल चुके हैं[2]-


2011 में नासकोम द्वारा - ग्लोबल इंडियन ऑफ़ द ईयर।
2012 में इन्फोसिस द्वारा आर्थिक विज्ञान के लिए सम्मान।
2013 वित्तीय अर्थशास्त्र के लिए सैंटर फ़ॉर फ़ाइनेंशियल स्टडीज़, ड्यूश बैंक सम्मान प्रकाशन।


Raghuram Govind Rajan (born 3 February 1963) is an Indian economist and an international academic who is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016.[2] Between 2003 and 2006, Rajan was the Chief Economist and Director of Research at the International Monetary Fund. In 2015, during his tenure at the Indian Reserve Bank he also became Vice-Chairman of the Bank for International Settlements.


At the Federal Reserve annual Jackson Hole conference in 2005, Rajan warned about the growing risks in the financial system and proposed policies that would reduce such risks. Former U.S. Treasury Secretary Lawrence Summers called the warnings “misguided” and Rajan himself a "luddite". However, following the 2008 economic crisis, Rajan's views came to be seen as prescient and he was extensively interviewed for the Oscar-winning documentary Inside Job (2010).


In 2003, Rajan received the inaugural Fischer Black Prize, given every two years by the American Finance Association to the financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance. His book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, won the Financial Times/Goldman Sachs Business Book of the Year award in 2010. In 2016, he was named by Time (magazine) in its list of the ‘100 Most Influential People in the World’.


Raghuram Rajan was born on 3 February 1963 in Bhopal, Madhya Pradesh into a Tamil Brahmin family. He is the third of four children of R Govindarajan, an Indian Police Service officer who topped his 1953 batch.


Assigned to the Intelligence Bureau, R Govindarajan was posted to Indonesia in 1966. In 1968 he joined the newly created external intelligence unit of the Intelligence Bureau, the Research and Analysis Wing (R&AW) where he served as staff officer under spymaster R. N. Kao and became part of the "Kaoboys". In 1970 he was posted to Sri Lanka, where Raghuram Rajan missed school one year because of political turmoil. After Sri Lanka, R Govindarajan was posted to Belgium where the children attended a French school. In 1974 the family returned to India.[8] Throughout his childhood, Rajan presumed his father to be a diplomat since the family traveled on diplomatic passports.[11] He was a half-term student of Campion School, Bhopal until 1974.


From 1974 to 1981 Rajan attended Delhi Public School, RK Puram, In 1981 he enrolled at Indian Institute of Technology, Delhi for a bachelor's degree in Electrical engineering. In the final year of his four-year degree, he headed the Student Affairs Council. He graduated in 1985 and was awarded the Director's Gold Medal as the best all-round student. In 1987, he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management Ahmedabad . After graduation, he joined Tata Administrative Services as a management trainee but left after a few months to join the doctoral program in management at the MIT Sloan School of Management. In 1991, he received a PhD for his thesis titled Essays on Banking under the supervision of Stewart Myers. Rajan's research interests were in banking, corporate finance, and economic development, especially the role finance plays in it.


In 2012, he was awarded honorary doctorate degree by London Business School and in 2015, was again awarded honorary doctorate degree by Hong Kong University of Science and Technology
Rajan served as Visiting Professor at Stockholm School of Economics (1996 to 1997) and at Kellogg School of Management (1996 to 1997). He also served as Visiting Professor at MIT Sloan School of Management (2000 to 2001). Dr. Rajan served as a visiting professor at Indian School of Business and is also involved as a founding member of the Academic Council of the Indian School of Business since 1998.


In 1991, Rajan joined the Booth School of Business at the University of Chicago and went on to become a Professor of Finance there. In 2003, he taught an MBA course in international corporate finance and a PhD course in the theory of financial decisions.


In November 2008, Indian Prime Minister Dr Manmohan Singh appointed Rajan as an honorary economic adviser. That same year, a high-level committee on financial reforms, headed by Rajan, submitted its final report to the Planning Commission.He chaired the Indian Government’s Committee on Financial Sector Reforms (2007-2008).


In 2009, he became a member of the American Academy of Arts and Sciences. In 2011, he served as President of the American Finance Association. In 2012, he became a member of the Group of Thirty.


In September 2013, UPA government had appointed Rajan as the 23rd governor of Reserve Bank of India.On 6 August 2013 it was announced that Rajan would take over as the next Reserve Bank of India Governor for a term of 3 years, succeeding Duvvuri Subbarao.On 5 September 2013 he took charge as the 23rd Governor of the Reserve Bank of India, at which point he took a leave of absence from the University of Chicago Booth School of Business.


In his first speech as RBI governor, Rajan promised banking reforms and eased curbs on foreign banking, following which the BSE SENSEX rose by 333 points or 1.83%. After his first day at office, the rupee rose 2.1% against the US dollar. As Governor of the RBI, Rajan made curbing inflation his primary focus, bringing down retail inflation from 9.8% in September 2013 to 3.78% in July 2015 – the lowest since the 1990s. Wholesale inflation came down from 6.1% in September 2013 to a historic low of -4.05% in July 2015. Under Rajan, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm, despite the government recommending otherwise. Foreign exchange reserves of India grew by about 30% to the tune of $380 billion in two years. Under Rajan, the RBI has licensed two universal banks and approved eleven payments banks to extend banking services to the nearly two-thirds of the population who are still deprived of banking facilities.


In 2014 it was suggested that Rajan could take over from Christine Lagarde as head of the IMF when his term expires in 2016. On 9 November 2015, Rajan was appointed as Vice-Chairman of the Bank for International Settlements (BIS).


On 18 June 2016, Rajan announced that he will not be serving a second term as RBI Governor, and plans to return to academia. In September 2017, Rajan revealed that though he was willing to take an extension and serve a second term as RBI Governor, the government had not extended any offer to him which left him with no choice but to return to the University of Chicago.He also denied claims that the University of Chicago had, at that time, refused to accept his leave of absence to continue for a second term.


Rajan advocates giving financial markets a greater role in the economy. In the book Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity[26] co-authored with Luigi Zingales, the two authors argue in favour of deregulated financial markets in order to facilitate access of the poor to finance: "Capitalism, or more precisely, the free market system, is the most effective way to organise production and distribution that human beings have found … healthy and competitive financial markets are an extraordinarily effective tool in spreading opportunity and fighting poverty. …Without vibrant, innovative financial markets, economies would ossify and decline." 


In 2005, at a celebration honouring Alan Greenspan, who was about to retire as chairman of the US Federal Reserve, Rajan delivered a controversial paper that was critical of the financial sector. In that paper, "Has Financial Development Made the World Riskier?", Rajan "argued that disaster might loom." Rajan argued that financial sector managers were encouraged to "take risks that generate severe adverse consequences with small probability but, in return, offer generous compensation the rest of the time. These risks are known as tail risks. But perhaps the most important concern is whether banks will be able to provide liquidity to financial markets so that if the tail risk does materialise, financial positions can be unwound and losses allocated so that the consequences to the real economy are minimised."


The response to Rajan's paper at the time was negative. For example, former U.S. Treasury Secretary and former Harvard President Lawrence Summers called the warnings “misguided” and Rajan himself a "luddite". However, following the 2008 economic crisis, Rajan's views came to be seen as prescient; by January 2009, The Wall Street Journal proclaimed that now, "few are dismissing his ideas." In fact, Rajan was extensively interviewed on the global crisis for the Academy Award-winning documentary film Inside Job. Rajan wrote in May 2012 that the causes of the ongoing economic crisis in the US and Europe in the 2008–2012 period were substantially due to workforce competitiveness issues in the globalisation era, which politicians attempted to "paper-over" with easy credit. He proposed supply-side solutions of a long-term structural or national competitiveness nature: "The industrial countries should treat the crisis as a wake-up call and move to fix all that has been papered over in the last few decades... Rather than attempting to return to their artificially inflated GDP numbers from before the crisis, governments need to address the underlying flaws in their economies. In the United States, that means educating or retraining the workers who are falling behind, encouraging entrepreneurship and innovation, and harnessing the power of the financial sector to do good while preventing it from going off track. In southern Europe, by contrast, it means removing the regulations that protect firms and workers from competition and shrinking the government's presence in a number of areas, in the process eliminating unnecessary, unproductive jobs."


During May 2012, Rajan and Paul Krugman expressed differing views on how to reinvigorate the economies in the US and Europe, with Krugman mentioning Rajan by name in an opinion editorial. This debate occurred against the backdrop of a significant "austerity vs stimulus" debate occurring at the time, with some economists arguing one side or the other or a combination of both strategies.In an article in Foreign Affairs magazine, Rajan advocated structural or supply-side reforms to improve competitiveness of the workforce to better adapt to globalisation, while also supporting fiscal austerity measures (E.g., raising taxes and cutting spending), although he conceded that austerity could slow economies in the short-run and cause significant "pain" for certain constituencies.Krugman rejected this focus on structural reforms combined with fiscal austerity. Instead he advocated traditional Keynesian fiscal (government spending and investment) and monetary stimulus, arguing that the primary factor slowing the developed economies at that time was a general shortfall in demand across all sectors of the economy, not structural or supply-side factors that affected particular sectors.


In a 2014 interview, Rajan said his major targets as governor of the Reserve Bank of India were to lower inflation, increase savings and deepen financial markets, of which he believed reducing inflation was the most important. A panel he appointed proposed an inflation target for India of 6% for January 2016 and 4% (+-2%) thereafter.


During his tenure, he enforced two-factor authentication of domestic credit card transactions to ensure the safety of customers. However, in an apparent contradiction of his previous stance of encouraging customers to use banks, he also permitted banks to charge customers for conducting ATM transactions beyond a certain number of times per month, at a time when the Indian Government was actively attempting to promote financial inclusion through its Pradhan Mantri Jan Dhan Yojana scheme, which effectively prevented people from easily accessing their own savings and discouraged them from using formal banking channels.


In interviews in September 2017, Rajan said the Government of India had consulted the Reserve Bank of India, during his Governorship, on the issue of demonetization but never asked to take a decision. He said the RBI was against the move and warned the government of the potential negative effects. Rajan also termed the currency notes ban exercise as, "One cannot in anyway say it has been an economic success". In addition to his work at the University of Chicago and RBI, Raghuram is also a member of the Berggruen Institute's 21st Century Council.


Awards
In 2003, Rajan won the inaugural Fischer Black Prize awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40.
In February 2010 NASSCOM named him Global Indian at its 7th annual global leadership awards.
In 2010, he was awarded the Financial Times and McKinsey Business Book of the Year Award, Fault Lines: How Hidden Fractures Still Threaten the World Economy.
In November 2011 he received the Infosys Prize for Social Sciences – Economics for his work in analyzing the contribution of financial development to economic growth, as well as the potentially harmful effects of dysfunctional incentives that lead to excessive risk-taking.
In 2013, he was awarded the fifth Deutsche Bank Prize in Financial Economics for his "ground-breaking research work which influenced financial and macro-economic policies around the world".
In 2014, he was conferred the Best Central Bank Governor award by Euromoney Magazine.
In 2014 He was conferred with the Governor of the Year Award 2014 from London-based financial journal Central Banking.
Clarivate Citation Laureate (2017)