MUMBAI, November 7: KV Kamath, chief executive officer & managing director ICICI: Bimal Jalan is one of the finest economists in the country with wide exposure to various realities of the economy. I feel it is a right choice considering the need of the economy. Rangarajn had contributed to the liberalisation process. I think the government had to appoint a new governor since Rangajan's tenure is slated to come to an end.

KR Ramamoorthy, chief executive, Vysya Bank: This is a welcome move. Jalan has wide experience, having been banking secretary earlier. As finance secretary also, he has pretty wide experience of the whole financial sector. So he is a good choice to guide banks through whatever reforms are left.

Kishor Chaukar, managing director, ICICI Securities & Finance Company: It is a good decision. He knows the Indian economy inside-out. He has been with the International Monetary Fund and knows what the world thinks of us -- he knows the international bankers. And he was formerly with the ICICI (Industrial Credit & Investment Corporation of India).

Jyoti Parikh, economist and acting director, Indira Gandhi Institute of Development Research: He brings along a wealth of ministerial, administrative and technical experience, having served in so many senior capacities with the government and the World Bank.

RH Patil, managing director, National Stock Exchange: This is a good move. Jalan is a very senior hand. He should have a good perspective of the financial sector as a whole. So he should be in a position to handle the job.

Bandi Ram Prasad, economist, Indian Banks' Association: The major challenges ahead of the economy would be the strengthening and sustaining the pace of reforms that have already been implemented in the last five years. Jalan is a good choice because he has had exposure not only at the domestic level as a top civil servant but also wide international experience. That is important in understanding the nature and operations of the financial markets and strengthening their framework. His appointment should augur well for the markets. It sends a serious signal as to the commitment of the government in continuing the reforms.

NG Pillai, managing director, Times Bank: Jalan is a very reputed economist and was also the banking secretary. He is liberal minded and is definitely a good replacement for Rangarajan. He will carry on the good work that Rangarajan has done over the past few years.

S Solomon Raj, managing director, IndusInd Bank: The contribution of Rangarajan in shaping up the economy is laudable. The several steps taken by him to widen and deepen the financial system and to integrate the money market and the foreign exchange market are yielding good results and we have been well shielded from the turmoil that is taking place in the Far East. An extension of his service would have been more appropriate. Although Rangarajan may be uncomfortable in the state governor post, the change for him is definitely a recognition of his merit by the government. His successor, Bimal Jalan, is very able and well-experienced to handle the economy of the country.

Ramesh Mishra, Chairman and managing director, Dena Bank. During his tenure Rangarajan took major initiatives to control inflation, ensure exchange rate stability and lower the interest rates. In fact, during his period there was a complete reversal of trend in increasing the liquidity of the banking system.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.