Today being a long weekend in India owing to Eid, Twitter is dominated by hashtags related to Friday Bollywood releases, some senseless Twitter contests and of course SRK’s much awaited Chennai Express. My eyes have been on the lookout for a keyword or a hashtag that was molding meaningful conversations and after a good long wait, the keyword “Raghuram Rajan” seemed to be the one.
Raghuram Govinda Rajan or Raghuram Rajan is a well-known Indian economist, who has been recently appointed as the 23rd Governor of the Reserve Bank of India. On the 6th of this month, Rajan took over from Dr. D Subbarao for a term of three years to guide the monetary policy of the word’s second most populous nation.
Rajan, the respected University of Chicago economist, is known for accurately predicting errors being made by the financial sector prior to the meltdown of 2008. He had argued the same in a paper entitled – Has Financial Development Made the World Riskier?, where he states that the changes in the financial system had “expose[d] the system to large systemic shocks”.
Though his predictions were famously dismissed as “slightly Luddite” by Larry Summers, who might soon be his counterpart at the United States Federal Reserve.
As a matter of fact, Rajan who had formerly served as the president of the American Finance Association and the chief economist of the International Monetary Fund (IMF) has also been involved as honorary economic adviser to the present Prime Minister of India, Manmohan Singh.
Still it isn’t an easy time when the new governor takes over at Mint Road. The country is witnessing a massive economic crisis with a major inflation problem along with a falling rupee. His every move from now on would be watched and like always the subject was bound to initiate conversation on Twitter.
A positive response on Twitter for Raghuram Rajan
For once a keyword like “Raghuram Rajan” was trending today on India Twitter trends with some positive conversations. Twitter has seen conversations from the day he was elected but then politicians and Bollywood dominate the trends for known reasons. Most of the conversations were around what the new governor can do and what lays ahead of him, and was dominated by influential people in the financial domain,
Some of the tweets that did the talking –
Market&Investor sentiment changes direction on the right impulse.Raghuram Rajan as the new broom at the RBI could be that positive trigger
— anand mahindra (@anandmahindra) August 6, 2013
My simple, point-by-point explanation of why Raghuram Rajan as RBI governor actually matters to India: http://t.co/OYELi6aAHK
— Mihir Sharma (@mihirssharma) August 7, 2013
— Sucheta Dalal (@suchetadalal) August 8, 2013
Raghuram Rajan is India’s new central banker. God help him. http://t.co/GxOJZpqUya
— Ezra Klein (@ezraklein) August 7, 2013
For a change it is good to see such conversations happening and also finding a place on the trends.
Government watchers state that Rajan’s appointment this week is a culmination of years of preparing him for the job. Informal talks have been underway since 2008. Lot is at stake for the new governor who starts his fight with a gloomy economy that expanded by just 5 percent in the last fiscal year, its weakest in a decade.
Image courtesy: Washington Post