Since 1970,of the 15 RBI Governors,7 have had stints with either the World Bank or the IMF,including Raghuram Rajan. This is not surprising as these institutions gave the economists an exposure to monetary economics that is crucial to lead the RBI but an exposure to which,at the policy level,is difficult to obtain in India. Arvind Virmani,who served as Indias executive director at the IMF says he is not surprised. The perspective on macro-economy is certainly far richer at the Bank or at the IMF. This is not possible to cultivate in the country, he says. From 1970,when BN Adarkar held the post of Governor as an interregnum appointment,the connection with the two Bretton Woods institutions have deepened. Since Bimal Jalan,all the Governors have had a stint there.
Written by Express News Service | New Delhi | Published: August 7, 2013 2:16 am