It’s fair to say that Raghuram Govind Rajan has been the most talked-about governor of the Reserve Bank of India in recent times. Even before he joined the central bank in September 2013, his credentials were being widely touted: the youngest chief economist at the International Monetary Fund, the man who predicted the 2008 global market meltdown, a professor of finance at the University of Chicago.
Now, as he prepares to leave the RBI, Rajan remains as much a talking point as ever.
On Saturday, Rajan told his colleagues that he will return to academia when his term at the RBI ends on September 4. “I will, of course, always be available to serve my country when needed.” he said in an email message. The announcement followed a prolonged public campaign by Bharatiya Janata Party leader Subramanian Swamy calling for Rajan’s ouster.
Rajan’s exit – or Rexit as some call it – has sparked irate op-eds. Many observers view it as another success in the BJP-led government’s crusade to drive out dissenting voices and replace them with pliable cheerleaders like Film and Television Institute of India head Gajendra Chauhan and Central Board of Film Certification chairperson Pahlaj Nihalani.
Political cartoonists too saw a BJP victory in Rajan’s exit.
This isn’t the first time political cartoonists have found inspiration in the run-ins between Rajan and the Modi government or BJP leaders like Subramanian Swamy. In May, Swamy had openly sought the RBI governor’s return to Chicago.
"I don't think he is fit for the country," the Rajya Sabha member had said. "His decision to increase interest rates to reduce inflation and stabilise the economy has backfired and badly affected the nation. All the industries have collapsed and as a result unemployment has increased. He should be packed off and sent back to Chicago at the earliest."
Swamy's tirade against Rajan included an accusation that the RBI governor was part of a secret American plot to ruin India and maintain the US' dominant position in the world economy.
Earlier, in April, Rajan brought up the old phrase "in the land of the blind, the one-eyed man is king" just as the Modi government was touting India's status as the world's fastest growing major economy. Commerce and Industry Minister Nirmala Sitharaman had openly questioned Rajan’s "choice of words".
Here are a few other cartoons that reflect the strained relation Rajan shared with the government.
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