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RBI governor Raghuram Rajan is likely to come under political pressure to retreat from his hawkish stance on inflation if BJP's prime ministerial candidate Narendra Modi wins in the general elections.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL - Non Copyright
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Strategists in Modi's Bharatiya Janata Party (BJP), confident that his jobs-first policy pitch will secure a strong voter mandate, suggest that they would prefer to have one of their own at the helm of the Reserve Bank of India (RBI).
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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That sets the stage for a confrontation with RBI governor Raghuram Rajan, who since being appointed last September has enjoyed an unusually smooth ride in a country where governments often treat the RBI as a punchbag for their own policy failings.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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The former International Monetary Fund chief economist is widely viewed as India's most capable technocrat, winning the respect of investors for his handling of a currency crisis that hit India last year.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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"It will be a big loss of face for the country and would create a negative perception among foreign investors if the BJP removes the governor immediately after forming the government," said A. Prasanna, an economist at ICICI Securities Primary Dealership Ltd in Mumbai.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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