Aug 06, 2013, 09.43 PM IST
Deepak Parekh, chairman, HDFC says, in a reaction to CNBC-TV18, that Raghuram's academic and IMF experience made him the best choice as the next governor of the RBI.
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Academic, IMF experience makes Rajan best choice: HDFC
Deepak Parekh, chairman, HDFC says, in a reaction to CNBC-TV18, that Raghuram's academic and IMF experience made him the best choice as the next governor of the RBI.
Like this story, share it with millions of investors on M3
Academic, IMF experience makes Rajan best choice: HDFC
Deepak Parekh, chairman, HDFC says, in a reaction to CNBC-TV18, that Raghuram's academic and IMF experience made him the best choice as the next governor of the RBI.
He knows how the banking sector functions
Deepak Parekh
Chairman
HDFC
Speaking to CNBC-TV18, he adds, "He knows how the banking sector functions from years of teaching finance at the University of Chicago and working at the International Monetary Fund (IMF). He is a super finance minister."
Below is the edited transcript of the reaction on CNBC-TV18
Q: What do you expect from someone of his background to deliver in the current economic scenario?
A: Rajan brings with him a deep understanding of international markets and a deep understanding of monetary policy. In his experience as chief economist at IMF he has seen various economic situations across the globe. The market is caught in the grip of extreme market volatility. Though the road ahead is full of challenges, I am sure he has the wherewithal and will tide through the difficult days ahead.
Q: There are reports that Rajan's lack of administrative experience could turn out be a setback. Do you at buy that argument?
A: I don't agree. Administrative experience is easy to get as there is a whole organisation backing him up and four deputy governors for administrative support. He knows how the banking sector functions from years of teaching finance at the University of Chicago and working at the International Monetary Fund (IMF). He is the super finance minister of the world.
Q: Will his stance be anti-growth or pro industry?
A: I think Rajan will bring in new thinking be an agent of change. For the first time, the RBI will have a governor who has spent more time in the financial sector overseas than in India; is an academic as well as a administrator; a chief economist at the IMF. I think it will be good for the system and I welcome the move to appoint him. It is an extremely good choice, particularly at a time when the Indian economy is faltering.
Q: As the chairman of the Financial Sector Reforms Commission in 2008, Rajan suggested that the RBI's single objective was to keep inflation low. Is that suggestion relevant in 2013?
A: There needs to be balance between growth and inflation. We will see how Raghu manages the balancing act because India is a poor country and cannot afford high levels of inflation. The inability to control inflation has resulted in immeasurable damage to growth over the last year or two. If growth goes below 5 percent, it will be a disaster for us in India. So, sacrifices will have to be made and a balance between growth and inflation needs to be maintained. Let us see what he does. Give him a chance.
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