To boost rupee Rajan has said that the financial markets will be liberalized by enhancing the limits for exporters to re-book cancelled forward exchange contracts.
The stock market BSE and Nifty also jumped on the hopes that Raghuram Rajan will announce more reforms in the financial sector in coming times as he himself said that the measures announced were just part of his short-term time table and that a broader road map will follow soon, as reported by the First Post.
Industry while welcoming Raghuram Rajan expressed hopes he will be able stir the economy through the tumultuous phase it is passing through. The industry body FICCI in a statement said, “ We hope that given Dr. Rajan's extensive experience and knowledge of the financial markets, we could see some innovative moves by the central bank as well as greater coordination on policy with the Government to ease the situation and bring confidence back in the economy."
Confederation Indian Industry (CII) said that expressed confidence that as the new Governor, Rajan would be able to deal with the complexities that the RBI is faced with.
“His background makes him the most suited for this important position and CII is hopeful that going forward we shall be able to work with him as he steers the RBI through these troubled times,” said Chandrajit Banerjee, Director General, CII.