Raghuram Rajan, a Professor of Economics at the University of Chicago has become honorary economic advisor to Indian Prime Minister Manmohan Singh. Rajan has many achievements: He is the only Indian origin economist chosen by the International Monetary Fund as its chief economist; he is the writer of 'Saving Capitalism from the Capitalists,' and so on.

 

He is Ph. D in economics from the Massachusetts Institute of Technology (MIT). This IIT-Delhi and IIM-Ahmedabad alumni has worked with Tata Administrative Services. Now, under the new appointment he will hold the rank of Secretary, Government of India. Also, he has been the chairman of a high-powered committee on financial reforms constituted by India's PM.

 

Rajan is an unequivocal supporter of capitalism. He says that the capitalism is the most effective way to organize production and distribution. However, he is critical of the management of finance market. He opines that the biggest danger to capitalism does not come from trade unions but from well-heeled executives in pin-striped suits who in public favor for free enterprise capitalism and in person try to curb competition.