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BJP seeks ex-RBI governor Rangarajan for FM's post

Senior Bharatiya Janata Party officials have approached Andhra Pradesh Governor Dr Chakravarty Rangarajan to take over as the Union finance minister in case the BJP-led alliance forms the government at the Centre.

According to media reports, BJP officials confirmed that party leaders have sounded out the former governor of the Reserve Bank of India on whether he would be interested in joining a BJP cabinet with charge of the finance ministry.

Party sources pointed out that with former finance minister Jaswant Singh having lost his Lok Sabha seat in Chittorgarh, the BJP needs to find a finance minister who is not only experienced in economic administration but is also acceptable to international investors.

"Dr Rangarajan is well known among the international investing community and can bring his vast experience to a BJP government," commented a senior BJP leader.

Political analysts added that Dr Rangarajan's pro-reform policies during his stint at the RBI and his high standing with the international community would make it easier for a BJP government to be accepted by international investors. Moreover, in the wake of the BJP's contradictory statements on foreign policy, including foreign institutional investors, appointing Dr Rangarajan could send a positive signal to foreign investors.

The reports are lent further credence by intense speculation that the Telugu Desam Party of N Chandrababu Naidu may join a BJP-led government. In that scenario, Dr Rangarajan may well be the TDP's representative at the Centre.

Last December, the United Front government had appointed Dr Rangarajan as the governor of Andhra Pradesh at Naidu's request, almost three months before the completion of his extended term at the RBI.

Dr Rangarajan had a successful career as an academician before he joined the RBI as a deputy governor in the eighties. From there, he was co-opted into first the Planning Commission and then the 10th Finance Commission, before returning to the RBI as governor in 1992.

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