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Raghuram Rajan says India will have to devise strategy to deal with the global economic situation

BT Online Bureau     August 30, 2012
The new chief economic adviser (CEA) Raghuram G. Rajan said in New Delhi on Wednesday that India will have to devise a strategy to deal with the global economic situation, which faces serious challenges.

"The world economy faces serious challenges and India is no exception. I hope that in the next days I can help contribute to whatever solutions we devise in tackling these challenges."

Raghuram G Rajan, former IMF chief economist, took charge as chief economic adviser (CEA) in the finance ministry on Wednesday.

"I am glad to be here," Rajan said after taking charge.

The Cabinet Appointments Committee had Aug 10 cleared Rajan's appointment as the new CEA.

Rajan, who will be a key member of Finance Minister P. Chidambaram's team, was honorary economic adviser to Prime Minister Manmohan Singh.

An alumni of Indian Institute of Management-Ahmedabad and IIT-Delhi, Rajan did his doctorate from Massachusetts Institute of Technology.

He is highly acclaimed for predicting the 2008 global financial crisis.

The position of the CEA has been lying vacant since Kaushik Basu's term ended on July 31.

Rajan was also involved with the report on Financial Sector Reforms authorized by the Planning Commission.

He is the author of two books, Saving Capitalism from the Capitalists and Fault Lines, which won the Financial Times Business Book of the Year award in the year 2010.

With agnecy inputs

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