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Rajan’s exit will not cause panic reaction: CII

Naushad Forbes addresses press conference

Bengaluru : Dismissing doomsday theories, industry body CII today said the exit of RBI Governor Raghuram Rajan will not cause a panic reaction as the Indian economy is very strong and robust.

“His (Rajan’s) leaving the office is not going to cause a panic reaction, and also not cause a flight from rupee and all those doomsday scenarios that they have been talked about,” CII Director General Chandrajit Banerjee¬† told reporters here.

“As an economy we are a strong robust, complex and diverse economy that’s beyond the scope of anyone,” he added.

CII President Naushad Forbes said the industry is confident of the government appointing a competent person to work and steer RBI to greater heights.

“We are confident that the government will quickly appoint somebody very competent to work and steer RBI to greater heights,” he said.

Forbes further said Rajan has done a fine job and the industry was confident that the next Governor will be as strong and equally do a fine job.

Interestingly, following the Rajan’s announcement to exit RBI in September, the rupee had tumbled by 61 paise to a low of 67.69 on Monday but later recovered to end down by 23 paise.

Since Monday, the rupee has lost 40 paise against the US dollar mainly due to forex outflows from debt.

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