No Magic Wand to make the Problems Disappear Instantaneously but has Absolutely no doubt that we Will Deal with them: Dr Raghuram Rajan, CEA

Dr Raghuram Rajan, Chief Economic Adviser, Ministry of Finance said that it is a great honour to be appointed as the Governor of the Reserve Bank of India (RBI). Dr Rajan was making a Statement after the order of his appointment as the new Governor of RBI issued here today. Dr Rajan said that the Reserve Bank (RBI) is a great institution with a tradition of integrity, independence and professionalism. He said that he looks forward to working with the many dedicated employees of the RBI to continue these traditions, even though he will miss his colleagues at the Finance Ministry.

Dr Rajan said that these are challenging times for the Indian economy, though no one can have any doubt about the country’s promise. The Government and the Reserve Bank are working together to address these challenges, he added. Dr Rajan said that we do not have a magic wand to make the problems disappear instantaneously. But he has absolutely no doubt that we will deal with them, he added. In the end, he thanked everybody for their good wishes.

Central bank independence affirmed as government and central bank commit to cooperate to tackle economic challenges without quick fixes. Appointment of a new Governor of the central bank is announced and the office's institutional attributes are emphasised, with the appointee pledging to preserve the Reserve Bank's tradition of integrity, independence and professionalism. The statement frames economic conditions as challenging and describes cooperative action between the Government and the Reserve Bank to address those challenges, rejecting expectations of immediate remedies while affirming confidence in managing the problems through joint policy engagement.