We must remember that Raghuram Rajan was neither sacked midway nor was there talk about a second tenure. No one is indispensable and entities will continue to flourish. A cursory look at the list of Rajan’s 22 predecessors, whether it was Osborne Smith or Benegal Rama Rau, CD Deshmukh or Manmohan Singh, shows that each one was an expert in economic management.
Rajan’s decision is understandable. His open letter to his staff shows his commitment to the cause he was entrusted with and he can rightfully take pride in steering the economy safely in choppy seas. Perhaps he could have taken care to avoid making certain statements which obviously irked the people at the top.