Exit of Raghuram Rajan

So in midst of all the speculation whether he will get another term or not, Raghuram Rajan decides to leave. Of course no one, and for that matter even Raghuram Rajan is not indispensable. Life has this knack of rolling on despite the changes that come in. But events like these do have their repercussions as definitely some equilibrium has been disturbed which will take time to get restored. Of course there are eligible replacements, there has to be for an Economy as large as India. But considering the impeccable record Raghuram Rajan has got over years (And without any PR Agency(ies) doing overmill for him), it would have been in better interest of India to have him at the helm of affairs of RBI for another term. With recent developments one could see it coming. A single thinking mind is way too weak to have his say against a complete institution. Specially a country wherein people fail to take a note of the goalposts being shifted by the legislatures and continue to hail them despite all the manipulation for decades over decades and a country obsessed with a need of hero(es); Raghuram Rajan was perhaps not a good fit. Because he did what was expected from him as RBI Governor and an Economist and refused to fall in line and spoke his mind in terms of facts and figures instead of taking sides with botched up data with intention of sending out a false picture. Sad thing is, many of us will never understand the true impact as we continue to live in a cocoon with closed eyes and ears to remain in denial mode.

Perhaps this exlains why very few of us even wonder how come India stands at 122^nd in GDP PPP even though being at 7^th in GDP Nominal across globe. In latest development, World Bank has placed India in lower-middle economy group, below other BRICS countries and at par with our neighbors Bhutan, Myanmar, Pakistan and Bangladesh which pretty much sums up the state of our current economy.