Pune: Top financial gurus - Reserve Bank of India Governor Raghuram Rajan and Chief Economic Advisor Arvind Subramanian - got a "little flak" when at the International Monetary Fund or IMF, after a research paper by them on aid by rich nations got leaked to the media.
Undeterred by the leak, which created headline "IMF says aid doesn't work", the two worked further on the paper and it went on to become one of the "most cited" researches after finally being published.
Recalling the incident that took place years ago, Mr Rajan said they were to present the paper at a summit attended by all rich countries to discuss the aid given by them to the developing countries.
"Seven days before the Gleneagles Summit, the paper went public because of some 'responsible' journalists and the headline was 'IMF says aid doesn't work'... Now, I was an academic from outside and I had a job. That day 18 finance ministers called the Managing Director of the IMF to complain about the kind of the work IMF was doing," Mr Rajan said.
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