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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

[vc_row][vc_column][vc_column_text]RBI Deputy Governor Viral V Acharya has resigned from his post, six months before the scheduled end of his term citing “unavoidable personal circumstances”, said media reports.

Confirming the resignation, the Reserve Bank of India in a statement said, “Due to unavoidable personal circumstances, Viral Acharya is unable to continue as deputy governor beyond July 23. Consequential action arising from his letter is under consideration of the competent authority.”

Acharya was not expecting his term to be renewed in any case, The Indian Express (IE) reported, citing source-based information.

Since Acharya was appointed by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, the resignation would also be accepted by the panel.RBI Dy Governor Viral Acahrya resigns 6 months before term

Acharya, 45, joined the central bank in January 2017 and was RBI’s youngest deputy governor, post economic liberalisation. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

Also Read: AES deaths in Muzaffarpur: Supreme Court notice to Bihar govt to respond within a week

His term was scheduled to end in February next year, said media reports. Acharya will be returning to New York University as CV Starr Professor of Economics. Acharya was called as the poor man’s Rajan over the many similarities with the former Governor Raghuram Rajan, who also left RBI against his wishes to continue.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1561367870691{border-top-width: 10px !important;border-right-width: 10px !important;border-bottom-width: 10px !important;border-left-width: 10px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #dbdbdb !important;border-radius: 10px !important;}”][vc_column][vc_column_text]

Economists/Experts who quit:

June 2019 – RBI Dy Governor Viral Acharya resigns

Jan 2019 – The last two non-official members of National Statistical Commission resign over job data differences

Dec 2018 – RBI Governor Urjit Patel resigns amid tension with government

June 2018 – Chief Economic Advisor Arvind Subramanian resigns, recently claimed GDP growth rate was way below that claimed

Aug 2017 – NITI Aayog vice chairman Arvind Pangaraiya resigns

June 2016 – RBI Governor Raghuram Rajan resigns[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]This is the second high profile resignation in the past six months at the Reserve Bank of India (RBI) and the third under Modi government (including the previous term). The first to go was RBI governor Raghuram Rajan. In December 2018, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. The RBI is now left with three deputy governors NS Vishwanathan, BP Kanungo and MK Jain.

Acharya, in a speech just a couple of months before Patel’s resignation over differences with Modi government, had warned of “risks of undermining the central bank’s independence” as “potentially catastrophic”.

“Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution,” Acharya had said.

Acharya had also warned of a talent crisis at a central bank if its independence is seen to be compromised. When the governance of the central bank is undermined, it is unlikely to attract or be able to retain the brightest minds that thrive on the ability to debate freely, think independently, and effect changes, attrition of central bank powers results in attrition of its human capital and deterioration of its efficiency and expertise over time, he had said.

An expert in credit risk, Acharya recently differed with Reserve Bank Governor Shaktikanta Das in the monetary policy announced on April 4, according to minutes released by the bank. Das favoured focussing on economic growth with a repo rate cut. Acharya cautioned on another rate cut in the wake of high inflation excluding food and fuel. The six-member Monetary Policy Committee (MPC) decided to reduce the policy repo rate by 25 basis points to 6 per cent in a 4-2 majority decision.

Also Read: Skeletal remains of 108 children found outside Muzaffarpur Hospital

Acharya’s resignation is the latest in the string of high-profile exits of economic policy makers — Raghuram Rajan, Urjit Patel, Arvind Subramanian and now Viral Acharya and, said Financial Times (FT), calls into question the government’s ability to stomach independent advice. “But that is unlikely to unfaze the government, which no doubt has its own agenda,” FT said.[/vc_column_text][/vc_column][/vc_row]

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Karnataka’s Republic Day tableau depicts artistic temples of Lakkundi

Beyond its religious significance, Lakkundi’s historical importance cannot be overstated. Once a flourishing commercial hub between the 10th and 12th centuries AD, the city flourished under the rule of various dynasties, with the Chalukyas leaving an indelible mark on its cultural landscape.

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January 26, 2025

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Karnataka’s 76th Republic Day tableau paid a vibrant tribute to Lakkundi, a historical city nestled in Gadag district, approximately 70 km from Hubballi. Acclaimed as the “Cradle of Stone Craft,” Lakkundi’s architectural splendour took centre stage in the parade along Kartavya Path.

The tableau’s design masterfully captured the essence of Lakkundi’s rich heritage. The forefront showcased the majestic Brahma statue from the Brahma Jinalaya temple, the oldest Jain shrine in the city, dedicated to Lord Mahaveera. Its intricate details and imposing presence immediately drew the viewer’s attention, setting the tone for the tableau’s narrative.

Following the Brahma statue was a depiction of the open-pillared mantapa of the Brahma Jinalaya temple, a testament to the sophisticated architectural techniques employed during the era. The open structure, with its elegant pillars and intricate carvings, added another layer of visual appeal to the tableau’s composition.

The tableau’s main section provided a breathtaking glimpse into the grandeur of Lakkundi’s most prominent temples. The Kashi Vishweshwara temple, dedicated to Lord Shiva, stood as a symbol of architectural mastery. Its ornate carvings and imposing structure were vividly represented, highlighting the city’s rich religious and cultural tapestry. Completing the ensemble was the Nanneshwara temple, another significant Shiva temple in Lakkundi, further emphasizing the city’s devotion to Lord Shiva.

The temples of Lakkundi are not merely structures of stone; they are living testaments to the syncretic nature of Karnataka’s culture. They reflect a harmonious blend of different faiths and traditions, showcasing the state’s long-held reputation for religious tolerance and peaceful coexistence. Karnataka, known as the “SarvaJanangadaShaanthiya Thota” or “garden of peace,” embraces diversity, and Lakkundi’s temples embody this spirit.

Beyond its religious significance, Lakkundi’s historical importance cannot be overstated. Once a flourishing commercial hub between the 10th and 12th centuries AD, the city flourished under the rule of various dynasties, with the Chalukyas leaving an indelible mark on its cultural landscape.

The city’s legacy extends beyond its temples; its numerous step wells and inscriptions serve as invaluable historical records. With over 50 temples, most dedicated to Lord Shiva, 101 stepwells, and 29 inscriptions, Lakkundi presents a captivating journey through time, an unparalleled treasure trove for history and architecture enthusiasts. The tableau served as a powerful reminder of Lakkundi’s enduring legacy, highlighting the artistic prowess and cultural richness of the Kalyani Chalukyas.

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K M Cherian, eminent Indian cardiac surgeon, passes away

He was a Fellow of the Royal Society of Medicine in London, an Honorary Member of the Malaysian Association for Thoracic and Cardiovascular Surgery, and a recipient of the prestigious Padma Shri award from the Government of India in 1991.

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January 26, 2025

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Dr. K.M. Cherian, a towering figure in Indian medical history and a renowned cardiac surgeon, passed away on Saturday night in Bengaluru at the age of 82. His sudden death cast a pall over the nation, leaving a void in the field of cardiology and beyond. He had travelled to Bengaluru to attend a wedding when he unexpectedly collapsed.

His daughter, Sandhya Cherian, confirmed the tragic news, stating that he was rushed to Manipal Hospitals, where he was pronounced dead at 11:55 pm. The medical community mourns the loss of a true giant, a pioneer whose contributions reshaped the landscape of cardiac surgery in India.

Dr. Cherian’s legacy extends far beyond his impressive list of accomplishments. His pioneering spirit led him to achieve what was once considered impossible in India. In 1975, he etched his name into the annals of medical history by becoming the first surgeon in the country to successfully perform a coronary artery bypass surgery (CABG).

This groundbreaking achievement marked a turning point, paving the way for countless life-saving procedures and advancements in the field. His expertise and dedication earned him international acclaim, transcending geographical boundaries and establishing him as a leading authority in cardiac surgery.

His profound impact on the medical landscape is further exemplified by his instrumental role in the establishment and growth of the Madras Medical Mission (MMM) in Chennai. As Founder, Vice President, and Director of this leading healthcare institution, Dr. Cherian spearheaded its development into a centre of excellence for cardiac care. His vision and leadership nurtured a culture of innovation and excellence, shaping generations of medical professionals and leaving an indelible mark on the institution.

Beyond his professional achievements, Dr. Cherian was recognised for his exceptional qualities and numerous accolades. He was a Fellow of the Royal Society of Medicine in London, an Honorary Member of the Malaysian Association for Thoracic and Cardiovascular Surgery, and a recipient of the prestigious Padma Shri award from the Government of India in 1991. These honours reflected not only his exceptional surgical skills but also his unwavering commitment to medical excellence and ethical practice.

Even in his final days, Dr. Cherian’s dedication to his profession and his unwavering belief in the importance of compassionate patient care shone through. Just a day before his passing, he participated in the Kerala Literature Festival in Kozhikode, where he shared his insights and experiences, emphasizing the crucial role of empathy in the doctor-patient relationship.

His words resonated deeply with the audience, underscoring his dedication to ethical medical practice and leaving a lasting impression. The nation mourns the loss of a remarkable individual, a medical visionary whose contributions continue to shape the future of cardiac care in India. His memory will be cherished by all who had the privilege of knowing him.

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Padma Awards 2025: Full list of Padma Vibhushan, Padma Bhushan, Padma Shri awardees

The awards recognize outstanding achievements across all fields, with a focus on public service. The recipients are selected by a committee appointed by the Prime Minister.

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1 hour ago

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January 26, 2025

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The central government announced the recipients of the prestigious Padma Awards on Saturday. These awards, conferred annually on the eve of Republic Day, represent India’s highest civilian honours. They are presented in three categories: Padma Vibhushan (for exceptional and distinguished service), Padma Bhushan (for distinguished service of a higher order), and Padma Shri (for distinguished service).

The awards recognize outstanding achievements across all fields, with a focus on public service. The recipients are selected by a committee appointed by the Prime Minister.

This year, a total of 199 awards were presented: 7 Padma Vibhushan, 19 Padma Bhushan, and 113 Padma Shri. The President of India bestows these awards at a formal ceremony in Rashtrapati Bhawan, typically held in March or April.

List of Padma Award Winners 2024:

Padma Vibhushan:

  • Duvvur Nageshwar Reddy
  • Justice (Retd.) Jagdish Singh Khehar
  • Kumudini Rajnikant Lakhia
  • Lakshminarayana Subramaniam
  • MT Vasudevan Nair (Posthumous)
  • Osamu Suzuki (Posthumous)
  • Sharda Sinha (Posthumous)

Padma Bhushan:

  • A Surya Prakash
  • Anant Nag
  • Bibek Debroy (Posthumous)
  • Jatin Goswami
  • Jose Chacko Periappuram
  • Kailash Nath Dikshit
  • Manohar Joshi (Posthumous)
  • Nalli Kuppuswami Chetti
  • Nandamuri Balakrishna
  • PR Sreejesh
  • Pankaj Patel
  • Pankaj Udhas (Posthumous)
  • Rambahadur Rai
  • Sadhvi Ritambhara
  • S Ajith Kumar
  • Shekhar Kapur
  • Shobana Chandrakumar
  • Sushil Kumar Modi (Posthumous)
  • Vinod Dham

Padma Shri:

  • Advaita Charan Gadanayak
  • Achyut Ramchandra Palav
  • Ajay V Bhatt
  • Anil Kumar Boro
  • Arijit Singh
  • Arundhati Bhattacharya
  • Arunoday Saha
  • Arvind Sharma
  • Ashok Kumar Mahapatra
  • Ashok Laxman Saraf
  • Ashutosh Sharma
  • Ashwini Bhide Deshpande
  • Baijnath Maharaj
  • Barry Godfray John
  • Begam Batool
  • Bharat Gupt
  • Bheru Singh Chouhan
  • Bhim Singh Bhavesh
  • Bhimawa Doddabalappa Shiilekyathara
  • Budhendra Kumar Jain
  • C S Vaidyanathan
  • Chaitram Deochand Pawar
  • Chandrakant Sheth (Posthumous)
  • Chandrakant Sompura
  • Chetan E Chitnis
  • David R Syiemlieh
  • Durga Charan Ranbir
  • Farooq Ahmad Mir
  • Ganeshwar Shastri Dravid
  • Gita Upadhyay
  • Gokul Chandra Das
  • Guruvayur Dorai
  • Harchandan Singh Bhatty
  • Hariman Sharma
  • Harjinder Singh Srinagar Wale
  • Harvinder Singh
  • Hassan Raghu
  • Hemant Kumar
  • Hriday Narayan Dixit
  • Hugh and Colleen Gantzer (Posthumous)
  • Inivalappil Mani Vijayan
  • Jagadish Joshila
  • Jaspinder Narula
  • Jonas Masetti
  • Joynacharan Bathari
  • Jumde Yomgam Gamlin
  • K. Damodaran
  • K L Krishna
  • K Omanakutty Amma
  • Kishore Kunal (Posthumous)
  • L Hangthing
  • Lakshmipathy Ramasubbaiyer
  • Lalit Kumar Mangotra
  • Lama Lobzang (Posthumous)
  • Libia Lobo Sardesai
  • M D Srinivas
  • Madugula Nagaphani Sarma
  • Mahabir Nayak
  • Mamata Shankar
  • Manda Krishna Madiga
  • Maruti Bhujangrao Chitampalli
  • Miriyala Apparao (Posthumous)
  • Nagendra Nath Roy
  • Narayan (Bhulai Bhai) (Posthumous)
  • Naren Gurung
  • Neerja Bhatla
  • Nirmala Devi
  • Nitin Nohria
  • Onkar Singh Pahwa
  • P Datchanamoorthy
  • Pandi Ram Mandavi
  • Parmar Lavjibhai Nagjibhai
  • Pawan Goenka
  • Prashanth Prakash
  • Pratibha Satpathy
  • Purisai Kannappa Sambandan
  • R Ashwin
  • R G Chandramogan
  • Radha Bahin Bhatt
  • Radhakrishnan Devasenapathy
  • Ramdarash Mishra
  • Ranendra Bhanu Majumdar
  • Ratan Kumar Parimoo
  • Reba Kanta Mahanta
  • Renthlei Lalrawna
  • Ricky Gyan Kej
  • Sajjan Bhajanka
  • Sally Holkar
  • Sant Ram Deswal
  • Satyapal Singh
  • Seeni Viswanathan
  • Sethuraman Panchanathan
  • Sheikha Shaikha Ali Al-Jaber Al-Sabah
  • Sheen Kaaf Nizam (Shiv Kishan Bissa)
  • Shyam Bihari Agrawal
  • Soniya Nityanand
  • Stephen Knapp
  • Subhash Khetulal Sharma
  • Suresh Harilal Soni
  • Surinder Kumar Vasal
  • Swami Pradiptananda (Kartik Maharaj)
  • Syed Ainu Hasan
  • Tejendra Narayan Majumdar
  • Thiyam Suryamukhi Devi
  • Tushar Durgeshbhai Shukla
  • Vadiraj Raghavendracharya Panchamukhi
  • Vasudeo Kamath
  • Velu Assaan
  • Venkappa Ambaji Sugatekar
  • Vijay Nityanand Surishwar Ji Maharaj
  • Vijayalakshmi Deshamane
  • Vilas Dangre
  • Vinayak Lohani

Note that “(Posthumous)” indicates the award was given posthumously.

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