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EXIT// Come September Raghuram Rajan will not be either getting another term or will not be accepting another term as RBI Governor. India will have to get a new RBI Governor from 4 September, when Rajan will return to Chicago University to resume as a tenured professor in the University of Chicago’s vaunted economics department. It will be difficult to replace him with another person of acumen, personality, experience, accomplishment and world stature. By opting out of seeking an extension as RBI Governor when his term expires, Raghuram Rajan has protected the institution from further politicisation. The sudden decision to step down by the man deemed by many to be the world’s best central banker has raised doubts over the Indian government’s commitment to structural reforms, as well as India’s position as a harbor of safety amid troubles in other emerging markets. Despite tangible success and external plaudits, Rajan has faced mounting criticism from conservative members of Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP).

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