The Award for this year is being given to this Architech of financial sector reforms in the country, Dr. C. Rangarajan. He is the Longest serving and the most authoritative economic policy maker in the country.
Gupta Award to “Padmavibhushan “ Dr. C. Rangarajan
Padmavibhushan Dr. Rangarajan is the most authoritative economic policy maker in the country. Starting his career as a teacher guiding the students in finance and commerce, he rose to the glorious heights of guiding the nation in its economic policy making. From the year 1982 when he held the position of deputy governor of Reserve Bank of India, the process of financial sector reforms in the country started rolling. Many of the financial instruments in use today and financial institutions were introduced during the time. As the Governor of Reserve Bank of India between 1992 and 1997, he gave a major thrust to financial sector reforms by making monetary policy a flexible instrument of economic policy in achieving growth and price stability. Simplification and deregulation of interest rates, improving the banks lendable resources, institution of internationally accepted prudential norms to strengthen the soundness of banks and up gradation of information technology are the major achievements of Dr. C. Rangarajan during this period. While he was the member of planning commission, the eighth five year plan acquired a new orientation in the context of the changes in the economic poiicy. During his chairmanship of the Twelfth finance commission, the report of the commission broke new ground in enabling states to achieve fiscal consolidation. Truly, he is the architect of the financial sector reforms in the country.
He is also the longest serving economic policy maker and was the chairman of the National Statistical Commission, President of the Indian Economic Association and the President of the Indian Econometric Society. During his tenure as the Governor of Andhra Pradesh, he won the hearts of people of the state with his simplicity. He was also the chairman of Economic Advisory Counsel of Prime Minister until he became member of Rajya Sabha. He was also the Business man of the 1997, Honorary fellow Indian Institute of Management, Ahmedabad, Recipient of Award for Economics 1998 and Alumni award for outstanding Leadership by the Wharton Indian Economic Fourm 2002.
Gupta foundation is proud and privileged to present its Gupta Award 2008 to Dr. C. Rangarajan.