Before becoming the Reserve Bank of India's Governor, Raghuram Rajan was known for his prediction of the 2008 global financial crisis.
Not shy about speaking his mind, Rajan confronted conventional wisdom with a paper in 2005 at a meeting of top bankers in the United States, warning that financial sector developments could trigger an economic crisis. He was dismissed by many at the time for being an ‘alarmist’.
When the Indian government was short listing candidates for the governor’s post, the rupee was in a free fall and stock markets, too, followed the currency movement.
