June 21, 2016

Raghuram Rajan's impending US return is the biggest irony of our times

The departure of Raghuram Rajan from the Reserve Bank of India, and eventually from the country as well, is arguably the most telling irony of our times.

This is so because for now nearly 30 years, Indian leaders have been feting Non-Resident Indians, particularly those in the US, for their brainpower and stellar achievements, and holding out an open invitation to them to contribute to the Great Indian Story. But when one who belongs to the breed of brainy Indians, such as Raghuram Rajan, decides to return home to assist in its rise, he discovers the system deeply frustrating. It allows little autonomy for creativity, places premium on machinations, and is stuck in the rut made by the political bosses.

Rajan’s exit from the RBI, and India, is voluntary only in form. He has been hounded into returning to academia in the US. To NRIs, his experience sends an ominous message — you can return to India only at your own peril.

Read more at http://www.firstpost.com/business/raghuram-rajans-impending-us-return-is-biggest-irony-of-our-times-2844638.html

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