Former Governor of the Reserve Bank of India (RBI) Raghuram Rajan turns 58 today (February 3). Born in 1963 in Bhopal, Madhya Pradesh, Rajan was the 23rd Governor of the RBI.

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He was instrumental in controlling inflation after introducing the target system during his tenure as RBI Governor from 2010 to 2013.

Currently, a professor of finance at the University of Chicago’s Booth School of Business, here are a few facts about the renowned economist.

Delhi to Ahmedabad to the US: His Education

Rajan studied at Delhi Public School in R K Puram, New Delhi.

He completed Bachelor’s Degree in Electrical Engineering from IIT, Delhi.

Then he pursued Post Graduate Diploma in Business Administration from IIM Ahmedabad.

He is also a PhD in theory of financial decision from MIT Sloan School of Management, Cambridge, United States.

How he Became the RBI Governor

In 2008, then Prime Minister Manmohan Singh appointed Rajan as an honorary economic adviser.

From there, Rajan became the Chief Economic Adviser to the government of India.

He was highly praised for his policy recommendations and, as a result, appointed RBI Governor in 2013.

His policies were focused on bringing down inflation and deepening the financial markets.

He served as the RBI Governor for three years.

Accomplishments Aplenty: From TIME 100 to Book Awards

Rajan was named in the list of 100 most influential people in the world in 2016 by Time magazine.

He wrote books such as ‘The Third Pillar’ and ‘Fault Lines: How Hidden Fractures Still Threaten the World Economy’ — won the Financial Times and McKinsey Business Book of the Year Award.

Rajan won the inaugural Fischer Black Prize awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40 in 2003.

NASSCOM named him a Global Indian during its global leadership awards in 2010.

Euromoney Magazine and Central Banking financial journal gave him the Best Central Bank Governor award in 2014.

Other Interesting Facts

In 1991, Rajan worked as an assistant professor of finance at Booth School of Business, and became a full-time professor in 1995.

He has also been visiting faculty at Stockholm School of Economics, Indian School of Business and MIT Sloan School of Management.

Rajan was appointed the RBI Governor by the Congress-led UPA regime in 2013. In 2016, he reportedly sought a second term, but wasn’t given an extension by the BJP-led NDA regime.

For three years between 2003 and 2006, Rajan had worked as Chief Economist of the International Monetary Fund.

Three years after he had predicted possible global financial risks in 2005, the recession started in the US. His accurate prediction brought him a lot of fame.

Rajan was reportedly approached by the Aam Aadmi Party in 2018 for a Rajya Sabha seat, which he declined.

(Edited by : Aditi Gautam)