Adi Godrej backs new term for Raghuram Rajan

Coming out in support of RBI governor Raghuram Rajan, leading industrialist Adi Godrej has said that he is an admirer of the Indian central banker and it will be a “good thing for India” if his tenure is extended.

Mr Godrej’s remarks comes at a time when there is speculation over Dr Rajan’s future, whose current three-year term as the RBI chief ends this September, amid calls for his sacking by BJP leader Subramanian Swamy.

However, the Godrej group chairman refused to comment on the controversy. “I would not like to comment on what other people want to say,” Mr Godrej said when asked about Dr Swamy’s statement.

“I think he has done a good job. He is very well respected across the world. He is a very capable person, very well resp-ected person and I think if his term is extended then its a good thing for India,” Mr Godrej said.

Praising Rajan’s work, Godrej said: “He was voted as best central bank governor in the world by one of the magazines. I am admirer of him and I support his extension.”

In January, Rajan was awarded the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by the Financial Times Group’s monthly publication The Banker.

Earlier, Dr Swamy had accused Rajan of being responsible for “unemployment and collapse” of industrial activity.