Other than Subramaniam Swamy, these are the ones who cheered Raghuram Rajan's exit

Reserve Bank of India (RBI) governor Raghuram Rajan dropped a bombshell on Saturday saying he wouldn't seek the second term in the office after his tenure ends in September. The announcement drew disappointing reactions from a volley of economists, analysts and industry leaders worldwide. But there were some who welcomed his decision to exit.  No points to guess who topped the list! 

Following the news,  the first person gladly bidding adieu to the incumbent governor was, of course, BJP Rajya Sabha MP Subramaniam Swamy.

"Whatever fig leaf he wants for hiding the reality we should not grudge it. Say goodbye!"said the BJP MP.

R3 has said he will go back to US. Whatever figleaf he wants for hiding the reality we should not grudge it. Say good bye!

- Subramanian Swamy (@Swamy39) June 18, 2016

Swamy had been quite outspoken about Rajan's policies being 'anti-national' and that he kept the interest rates unnecessarily high. He even said that Rajan was "mentally not fully Indian."

 

S.Gurumurthy, a CA and political and economic analyst, tweeted:

Held & expressed the view RR Rajan's thinking did not fit Indias needs & he should not be repeated. But ET says that sealed Rajan. Too much

- S Gurumurthy (@sgurumurthy) June 20, 2016

He has also mentioned that Raghuram knows very little about India and that he is a 'Global Indian'

Other than individuals, there were many segments that saw him as a villain throttling the economy and were eager to see him out. While he enjoyed praise and respect for his work outside India, these are the groups that celebrated his exit:

Crony Capitalists:

Raghuram Rajan tightened the screws of flowing credit from banks to big businesses saying that no one had the 'divine right' to own a business by looting the country.

Many of these businesses were debt ridden and continued to borrow from banks that offered to lend, thereby messing up the economy.

Banking system disaster:

Raghuram took over as RBI governor at the heat of inflation in India. Today retail inflation has slowed down from 9.8 to 3.8 and Forex reserves jumped to more than 30 per cent.

He has introduced a host banking regulations including microfinance institutions to finance small and medium enterprises (SMEs), postal department that provide core banking solutions in the hinterland and foreign banks to open Indian subsidiaries to revolutionise the banking sector in India. These moves were made to cut through the monopoly of PSU banks in the country and their under-the-table lending to debt ridden companies.

While none of the PSU banks may criticize Rajan directly, his diktat to clean up the bank's books and lower lending rates has lead him to take huge hits and fall in the red.

A Rexit will definitely be welcomed by them.

Infrastructure companies:

These companies were very comfortable with their evergreen loans (fuelled by PSU banks) and restricting loans even as they could not pay back. It was Raghuram Rajan that ended the Corporate Debt Restructuring (CDR) scheme with the mind of reviving the economy.

All in all, many parties that believe this to be exactly what India needs, but a huge majority know and have borne witness to the financial progress through the three years.

Former deputy governor, Rakesh Mohan said that an RBI governor must be given a 5-year term for stability.

"I really want to emphasise that it is extremely important to have stability at the top of the central bank and is to be taken something as important. The Governor and Deputy governors should be given at least, may be, a five-year term to run the reforms well," Mr Mohan told a television channel.

Nobel laureate Amartya Sen viewed the Rexit as 'sad' for the country.

"We are losing one of the most skillful financial economic thinkers in the world. It is sad for the country and it is sad for the government of the country too. RBI is not a completely autonomous institution," Sen told Headlines Today.

Raghuram Rajan took over as RBI governor on September 2013 when at a time when the Indian currency was plunging daily, inflation soared and growth was weak. On Saturday June 18 he announced that he will be returning to academia after his term ends on September 4 with a message that he will always be available to serve his country when needed.