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Govt., RBI working together to tackle challenges of Indian economy: Raghuram Rajan

New Delhi, Aug 6 (ANI): Chief Economic Advisor Dr. Raghuram Rajan, who will be the next Governor of the Reserve Bank of India (RBI), on Tuesday said the government and the central bank are working together to address the challenges of the Indian economy.

“These are challenging times for the Indian economy. The Government and the Reserve Bank are working together to address these challenges. We do not have a magic wand to make the problems disappear instantaneously but I have absolutely no doubt that we with deal with them,” he told media here today.

“It’s a great honour to be appointed the RBI Governor and I look forward to working here,” said Rajan

Earlier in the day, Prime Minister Dr. Manmohan Singh approved the appointment of Dr. Raghuram Rajan as the Reserve Bank of India (RBI) Governor for a term of three years vice Dr. D. Subba Rao upon completion of his tenure.

Dr. Subba Rao will be completing his tenure on September 4, 2013.

Dr. Raghuram Rajan was earlier economic adviser to Prime Minister Dr. Manmohan Singh and headed the committee on financial reforms appointed by the Planning Commission.

Dr. Raghuram Rajan, who will be the 23rd Governor of RBI, also serves as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission.

He formerly served as the president of the American Finance Association and was the chief economist of the International Monetary Fund (IMF). (ANI)