India's new chief economic advisor is IIMA alumnus

At a time when the country is besieged by economic crisis, an Indian Institute of Management, Ahmedabad (IIM-A) alumnus is set to take the reins as chief economic advisor to the government of India.

A student of the 1987 post graduate diploma programme in management (PGP), Raghuram Rajan’s teachers describe him as very bright, not very aggressive and the most ideal candidate to take the economy to the next level.

Raghuram has to his credit the distinction of being the youngest and first alumnus to become chief guest and deliver the convocation address at the IIMA in 2005 when Bakul Dholakia was the director.

Born in Bhopal, Raghuram graduated from the Indian Institute of Technology (IIT) Delhi, before joining the IIMA. He later joined the Booth School of Business at the University of Chicago.
What will stand Raghuram in good stead is his experience as economic counsellor and director of research at the International Monetary Fund (IMF) between 2003- 2007.

“His interest in the economy was visible when he was a student. He had done academic work on issues of third world debt in developing countries under me. Though it was for only two credits, the work was a thorough one, like a PhD thesis,” Dholakia said, adding he has also done significant work during his stint at the IMF.

He said though Raghuram had a lot going for him in the US, his core interest lay in the Indian economy. Raghuram had been directly involved as an advisor for the last five years and was a frequent visitor at North Block from P Chidambaram’s time.
Dholakia says with his positive outlook and his in-depth knowledge of the reforms process, he is the right person for the job.

Another IIMA faculty, Professor Anil Gupta also spoke highly of him. “He was not very aggressive, but he had an independent mind,” said he.

President of the IIMA Alumni Association (Ahmedabad chapter) Nayan Parikh said Raghuram’s appointment is good news for the economy. “He knows the public as well as private sector functioning in and out. In such challenging times, he will be able to bring in the required reforms,” said he.