Rajan to help deal with global crisis

Published: 30th August 2012 08:37 AM  |   Last Updated: 30th August 2012 08:41 AM   |  A+A-

Former International Monetary Fund Chief Economist Raghuram G Rajan on Wednesday assumed charge as the Chief Economic Adviser.

Known best for predicting the 2008 global financial crisis, the Bhopal-born 1985-batch Indian Institute of Technology, Delhi graduate said that he will help the government in devising a proper strategy to deal with the current global economic slowdown that has also impacted the domestic economy.

“World economy faces very serious challenges right now and India is no exception...I hope that over the coming days, I can help in whatever solution we devise”, he said after taking over as Chief Economic Adviser. Earlier in the day, Rajan had also met Planning Commission Deputy Chairman Montek Singh Ahluwalia.

Rajan’s appointment as the Chief Economic Adviser comes at a crucial juncture for the economy, which has slowed down considerably since January due to a combination of factors such as persistent high levels of inflation, decline in industrial production, fall in investment activity.

Rajan will be a key official in the core team of Chidambaram, which will handle the critical job of making the last Budget (2013-14) of UPA-II government before the next General Elections.

His inputs and policy direction will be an important determinant for steering the economy through the current turbulent times in the backdrop of declining GDP growth and tough fiscal situation. The Appointments Committee of Cabinet had cleared the appointment of Rajan as the new CEA on August 10.

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