India Inc disappointed

New Delhi, June 18

Top industry leaders today said RBI Governor Raghuram Rajan’s decision not to take a second term will be the “nation’s loss” as he brought economic stability and enhanced India’s credibility on the world stage.

India Inc, led by Anand Mahindra, Deepak Parekh, NR Narayana Murthy, Kiran Mazumdar-Shaw and Mohandas Pai, hoped that Rajan’s successor will continue with the ‘good work’ he did, although industry chambers CII and FICCI declined to comment.

Reacting to the development, Mahindra & Mahindra Chairman Anand Mahindra said he was “saddened” to hear about Rajan’s decision to opt for academia at the end of his current term.

“In my travels around the world and encounters with leading overseas businessmen, it became clear that during his tenure, he greatly enhanced the credibility and bankability of India. I trust that a successor will be found who will continue and enhance the great work done by Governor Rajan,” Mahindra said.

HDFC Chairman Deepak Parekh said: “It’s a pity to lose him. I’m wondering what has precipitated this action by the Governor. I am sure the government, at the right time, would have considered giving him another two years’ term as most Governors have got.”

Murthy, who had pitched for at least two more terms for Rajan, expressed sadness over the development and said Rajan deserved more dignity than what he was treated with. — PTI