Raghuram Rajan had once said that he would like to carry back to the classroom, what he had learnt in the world and outside the campus. In September, the 23rd Governor of the Reserve Bank Of India heads back to Chicago, to the mecca of many economists. Raghuram Rajan was born on 3rd 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.From 1974 to 1981 Rajan attended the Delhi Public School where he learnt Hindi for the first time. In 1981 he enrolled at Indian Institute Of Technology ( Delhi) for a bachelor’s degree in electrical engineering. In 1987 he earned a Post Graduate Diploma in Business Administration from the Indian Institute Of Management, Ahmadabad. From the MIT Sloan School Of Management Rajan had done the doctoral program in management, as his interests were in banking, corporate finance, and economic development, especially the role finance plays in it.
He prepared the Economic Survey for India for the year 2012–13.In November 2008, Indian Prime Minister Dr Manmohan Singh appointed Rajan as an honorary economic adviser.His announcement to quit is as dramatic as was his entry three years Rajan is the second Reserve Bank Governor who will be leaving the Mint Road headquarters of the India’s banking sector regulator without getting a five-year term in the last 25 years — since 1991 when India started liberalizing its economy. Rajan will complete his three-year tenure on September 4, 2016 and return to the academia in the US. Evidently, this was separation by mutual consent. So we should let it rest at that. Looking forward, the relevant questions to ask are: Does this reflect the NDA government’s inability to retain talent? Did Rajan, to some extent, bring this upon himself? Would this precipitate action by Rajan result in calamitous outcomes for India? Were Rajan’s policy priorities in sync with the government’s policy goals?