UPSC Prelims 2007 Q101: Indian Economy – International Institutions & Reports

UPSC Prelims 2007, General Studies Paper I · Indian Economy

Who among the following served as the Chief Economist of the International Monetary Fund?

Answer: (d) Raghuram Rajan

Explanation

Indians who were IMF Chief Economist

Person	Role	Period
Raghuram Rajan	IMF Chief Economist (Economic Counsellor) — first from an emerging economy	2003-2006
Gita Gopinath	IMF Chief Economist; later First Deputy MD	2019-2022

Rajan later became Chief Economic Adviser (2012) and RBI Governor (2013-2016).

In 2005 he warned at Jackson Hole about risks building up in the financial system — before the 2008 crisis.

Other options:

Person	Known as
Ashok Lahiri	Chief Economic Adviser to GoI (2002-2007)
Sumantra Ghoshal	Management scholar (London Business School)
Saumitra Chaudhuri	Member, PM's Economic Advisory Council

Answer: (d) Raghuram Rajan.

(a) Incorrect. Ashok Lahiri was India's Chief Economic Adviser, not IMF Chief Economist.
(b) Incorrect. Sumantra Ghoshal was a management professor.
(c) Incorrect. Saumitra Chaudhuri served on the PM's Economic Advisory Council.
(d) CORRECT. Raghuram Rajan was IMF Chief Economist (2003-06).

Raghuram Rajan = IMF Chief Economist 2003-06 → CEA 2012 → RBI Governor 2013-16. Gita Gopinath = IMF Chief Economist 2019-22.

Raghuram Rajan was IMF Chief Economist from 2003 to 2006.

Mixing up India's Chief Economic Adviser with the IMF's Chief Economist.
Forgetting that Gita Gopinath is the second Indian-origin IMF Chief Economist (and the first woman).
Confusing Sumantra Ghoshal (management) with economists.

IMF Chief Economists of Indian origin: Rajan (2003) and Gopinath (2019). World Bank Chief Economist of Indian origin: Kaushik Basu (2012).