Rajan said most of the things on his agenda as the RBI Governor are done.
Raghuram Rajan is respected for a lot of things. Amongst them is, when he took office as the 23rd Reserve Bank of India Governor in 2014, India was amongst the Fragile Five countries. Today, it is the fastest growing economy in the world at a time when the countries worldover are slowing. He kickstarted the banks' clean up process and has also been stern with crony capitalists in his three-year tenure that is about to come to an end.
Most of all, Rajan is also known for standing his ground against the government and politicians and bureaucrats, something that has drawn both, appreciation and ire of the babus in New Delhi.
While giving an interview to CNBC TV 18, one of his lasts before his term ends on September 4, Rajan said, whenever he had to say no, he was not bothered whether it will cost him a future job in the government or about criticism.
"Whenever we've had to said no, I'm not worried about criticism or a job in (the) government. By saying no, I'm being the best team player I can be," he said.
Rajan said, when he joined the RBI as the Governor, his first priority was to stabilise the rupee and then move on to institutional reforms.
"For me, it was stability first. I wanted India to be taken as a serious place to invest. Then reforms to the system, reforms for access to financing for small and medium enterprises and for the poor," he said.
His goal sheet also included making reforms to the resolution processes and to start the process of recovery of debt and bringing stalled projects back on track.
As I leave the job, "I think 90-95% of what I wanted to do, is done."
On Wednesday, in his final monetary policy review as the RBI Governor, where Rajan left key policy rates unchanged, he said he had had a fantastic time at the job. "Everyday my colleagues and I worked, I think we moved the needle a little."
But leaving without an extension to his three year term, he said, "This is my side job. I'm an academician, I don't want to be a career diplomat or a bureaucrat."
"I wanted this job, of course, but I was prepared to come for three years. Everything I wanted to do was structured for three years."
Rajan said that the things high up on his agenda for his term as the RBI governor, like bank clean up and the Monetary Policy Committee (MPC) have all started, but the implementation and the results will take time to pan out.
"I would have been happy to work more, but I'm happy to go," he said. While there was a dialogue with the government about his second term, he said, it didn't reach the point of consensus, "so that is where the discussion stopped."
Talking about the criticism and attacks he has faced, largely from Rajya Sabha member Subramanian Swamy, amongst others, the RBI Governor said, "Being in a university gives you thick skin. Constructive criticism is good and I've tried to address most of it through my speeches." Rajan is on leave from his job as a professor at the Chicago Booth School of Business.
Rajan has come under fire from various entities in the government, including, Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman, when he reminded the people not to get carried away by India's GDP numbers and its growth story being compared to China's.
"RBI is supposed to be an entity that is conservative, with long term vision and focus on stability. I'm very open to reforms but as far as stability goes I've been very conservative, I've always said, let's call a spade a spade, and not get overtly enthusiastic," he said.
Rajan said, in the three years, "I have had absolute freedom in what I wanted to do. I have had a great relationship with the previous government and with the people who matter in this government."
I feel like I have done what was needed to be done, he said.
Rajan will be going back to Chicago Booth School of Business and take up his job as the Professor of Finance, once his tenure comes to an end.
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 "RBI Governor Raghuram Rajan")
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