Rajan has been a huge factor in confidence building at a challenging time in the Indian economy, he said. According to FICCI, Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work. Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said, "I know many voices in corporate India who are disappointed. Stating that the development was not a good sign for Indian economy, Assocham said: "Rajan leaving RBI at a time of tumultuous global economy poses several risks to India, which along with the banks grappling with mounting non-performing assets, is quite unfortunate." "Many structural changes initiated by the RBI governor be it in banking regulations, monetary policy or exchange rate will have positive impact on the economy going forward and he will always be remembered for his outstanding contribution," Neotia added.

Source: dna June 19, 2016 13:41 UTC