Raghuram Rajan is an economist and was the 23rd Reserve Bank of India (RBI) governor. While serving at the RBI, he also took on the role of Vice-Chairman of the Bank for International Settlements.
Currently, he is a professor of finance at the University of Chicago’s Booth School of Business, where he holds the title of Katherine Dusak Miller Distinguished Service Professor.
Raghuram Rajan Biography
Raghuram Rajan was born on February 3, 1963, in Bhopal, Madhya Pradesh, into a family with a diplomatic background. His father was an IPS officer, and their international lifestyle gave Raghuram a global outlook from a young age.
Often nicknamed the “James Bond” of the world economy, Rajan became the 23rd Governor of the Reserve Bank of India on September 4, 2013, succeeding Duvvuri Subbarao.
Before this, he was the Chief Economic Adviser to India’s Ministry of Finance in 2012 and served as the Chief Economist at the International Monetary Fund from 2003 to 2007.
He is also a professor of finance at the University of Chicago but is currently on leave while focusing on other roles.
Parents & Wife
His father, R. Govindarajan, was an IPS officer who worked in various important roles. He served in the Insecticides Bureau and later joined the Research and Analysis Wing (RAW) in 1968 as part of the “Kaoboys” team.
His postings took the family to places like Indonesia, Sri Lanka, and Belgium, where Raghuram and his siblings studied in international schools. The family returned to India in 1974.
Raghuram’s mother’s name is not known. He has two brothers, Srinivas Rajan and Mukund Rajan. Mukund left his position at Tata in 2018 to become an entrepreneur. He also has a sister named Jayshree Rajan.
Raghuram humorously thought his father was a bandit as a child because the family often traveled on diplomatic passports.
Raghuram is married to Radhika Puri Rajan, whom he met at IIM Ranchi. Radhika later studied at the University of Chicago Law School and is now an adjunct associate professor of behavioral science at the University of Chicago Booth School of Law. The couple has a son and a daughter.
Education & Early Life
He had a unique education journey shaped by his family’s travels due to his father’s work.
- Schooling:
In 1970, his family moved to Sri Lanka, where political unrest forced him to miss school for a year. Later, they moved to Belgium, where he studied at a French school. The family returned to India in 1974, and he joined Delhi Public School (DPS), R.K. Puram, where he studied until 1981. - Higher Education:
- In 1981, Rajan enrolled at the Indian Institute of Technology (IIT), Delhi, for a bachelor’s degree in electrical engineering. During his final year, he led the student affairs council and graduated in 1985 with the Director’s Gold Medal for being the best all-around student.
- In 1987, he joined the Indian Institute of Management (IIM) Ahmedabad, where he earned a Postgraduate Diploma in Business Administration.
- He later pursued a PhD at the MIT Sloan School of Management in Cambridge, Massachusetts. His 1991 thesis included essays on finance, focusing on the relationship between firms, countries, and their lenders.
- Achievements and Honors:
Rajan received honorary doctorate degrees from:- London Business School (2012),
- Hong Kong University of Science and Technology (2015),
- Catholic University of Louvain (2019).
Overall, his education reflects his deep interest in economics and finance, with a mix of engineering, business management, and financial decision-making studies.
Career Journey Of Raghuram Rajan
Academic Career:
Raghuram Rajan became an assistant professor of finance at the University of Chicago in 1991 and a full professor in 1995. He also taught at prestigious institutions like MIT, Kellogg, and the Indian School of Business.
Rajan is a well-known economist who has published extensively on banking, finance, and economic growth. His books, Saving Capitalism from the Capitalists and Fault Lines, received critical acclaim, with Fault Lines winning the Financial Times and Goldman Sachs Business Book of the Year Awards.
He received the Fischer Black Prize in 2003 for his contributions to finance and was ranked among the top economists globally.
Policymaking and Public Service:
- IMF Chief Economist (2003–2006):
Rajan was the youngest person and the first from an emerging market to serve in this role. He integrated financial sector analysis into IMF policies and researched global economic issues. - Economic Advisor to India (2007–2013):
Rajan led a financial reform committee, authored A Hundred Small Steps, and advised on policy reforms as Chief Economic Advisor to the Ministry of Finance. - Governor of the Reserve Bank of India (2013–2016):
As RBI Governor, Rajan focused on controlling inflation, stabilizing the rupee, and improving banking access. He introduced inflation targeting, grew India’s forex reserves, and licensed new banks. However, he faced political criticism and did not serve a second term, returning to academia at the University of Chicago.
| Detail | Information |
|---|---|
| Full Name | Raghuram Govind Rajan |
| Nicknames | Raghu, Rajan |
| Profession | Economist |
| Date of Birth | 3 February 1963 (Sunday) |
| Age (as of 2024) | 61 Years |
| Birthplace | Bhopal, Madhya Pradesh, India |
| Zodiac Sign | Aquarius |
| Nationality | Indian |
| Hometown | Chennai, India |
| Father | R. Govindarajan (IPS officer) |
| Mother | Not Known |
| Brother | Srinivas Rajan |
| Sister | Jayashree Rajan |
| Wife | Radhika Puri |
| Children | 1 Daughter, 1 Son |
| Social Media |
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