Tuesday, October 29, 2013

Raghuram Rajan - New RBI (Responsibility Backed by Intelligence) Governor

Raghuram Rajan is good. Very good. Commoners like me felt that he will be swayed by Sensex and will be guided by market demand. But no. He kept his foot on the ground and is promising the nation a fight for a cause which is important.
The poor. Inflationary pressures. We have a RBI governor who is a gold medallist from IIT and has more degrees than the number of words in his name, who is interested to fight for a cause.
The most important outcome of his appointment and his work thereafter is the confidence he is able to gain from the brokers and stock market. The sensex is stable above 20,000. The Nifty too is above 6000 mark. The rupee dollar equation is 61.50 to 1 dollar. It is a big applause from the merchants at Dalal Street for his courage and determined efforts.
The lessons we can learn from his current innings is that determination is important when it comes to economic affairs. We cannot think loose and expect miracles. Miracles happen when there is a purposeful determined effort from all of us. One needs to be surefooted and confident in approach. One should not think about hurting a father's feeling but should like oneself because one is leading his life.
When applied to one's life it could mean an ebook instead of a hardbound book. A cellphone with lesser features than buying a latest one. It may mean lesser dinner at restaurants outside or lesser trips on holidays.
But do not despair. Look at the positive side. Look at the chance to explore your own locality. The chance to become a good cook. The chance to increase knowledge with what we have at our disposal. This is what Raghuraman Rajan seems to be saying by his actions.