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Hello Again, Governor? India Wants Rajan Back at RBI, Survey Shows

The govt is tight-lipped but readers of a popular business daily give a thumbs up to Rajan’s second term.

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After Reserve Bank governor Raghuram Rajan recently indicated that he may be open to a second term as central bank chief, it now appears he has some solid backing. According to a readers’ survey by ETMarkets.com, an overwhelming number of those polled want Rajan back at the helm at RBI.

69 Percent Gave Rajan a Perfect 10 Score
Out of 9,168 readers polled, 87 percent of those polled said they will like him to continue as the governor. 

Rajan’s current three-year term as RBI chief is ending this September but speculation is already rife if he can bag another term at RBI. The government has so far remained tight-lipped, and some sections of the ruling BJP seem vehemently against it.

Senior BJP leader Subramanian Swamy last week had suggested that Rajan should be removed and accused him of being responsible for “unemployment and collapse” of industrial activity.

Earlier this week, The Quint asked its readers if they agreed with Swamy. 69 percent said no.

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Inflation, Rupee Under Control But NPAs Spiral

Rajan took over as the RBI governor at a time when India’s inflation was above 10 percent and the Indian rupee was staring at a crisis. Apart from hiking interest rates to tame inflationary expectations, Rajan also took a number of steps to step the rapid depreciation of rupee – opening a swap window for deposits from NRIs, being one of them. Come 2016, rupee is stable and inflation has reduced to sub-6 percent levels.

However, one big problem which the RBI is yet to tackle meaningfully is the acute rise in bad loans in the banking sector, which is threatening to spill over and impact other sectors.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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