Know Why Raghuram Rajan Is One Of The Potential Nobel Prize Candidates

News World India | 1
| October 8 , 2017 , 19:52 IST

Indians are not immune to Raghuram Rajan's identity. The former Reserve Bank of India Governor's contribution to Indian economics can't be neglected but people hardly know that the potential winner of Nobel Prize in Economics has many more achievements in his name than what meets the eye.

In a recent list revealed by Clarivate Analytics, Raghuman could be the winner of the prestigious award this year due to his unparalleled "contributions illuminating the dimensions of decisions in corporate finance." The forty-year-old achieved many milestones while fighting all odds.

Rajan is the youngest and first ever Indian to become the chief economist at the International Monetary Fund. In 2005, he predicted the financial crisis at an annual gathering of economists and bankers in the US, three years after which world faced the worst financial crackdown.

The vocal RBI governor was appointed for his three-year term in 2013 by the UPA government which ended on September 4. After being released from his duty, Rajan joined the Booth School of Business, the University of Chicago as the Katherine Dusak Miller Distinguished Service Professor of Finance.

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The economist is a published author with many acclaimed books in his name. Exactly a year after his term ended, Rajan published a book 'I Do What I Do' which includes his "commentary and speeches". The book talks about his experiences while helming RBI at "turbulent but exciting times".

In his book, he wrote, "I was asked by the government in February 2016 for my views on demonetisation, which I gave orally. Although there might be long-term benefits, I felt the likely short-term economic costs would outweigh them, and felt there were potentially better alternatives to achieve the main goal."

Rajan was honoured with the British magazine Central Banking’s Central Banker of the Year award for handling the rupee crisis in 2013 and bringing foreign investors back to India. Raghuram is an IIT Delhi graduate who served as a visiting professor at Stockholm School of Economics and at Kellogg School of Management.

Raghuram might not win the Nobel as he is one of the six economists short-listed in the potential candidate's list on the basis of their award-worthy research but the man has undoubtedly made the country proud. Rajan's research in corporate finance is strategic and signified.