Mumbai, Oct 15 (IANS): India's central bank Wednesday said its governor Raghuram Rajan has been conferred Euromoney’s 'Central Bank Governor' of the year award in Washington on Oct 10.

According to Reserve Bank of India (RBI), Euromoney, while announcing the award, recorded: “RBI Governor Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.”

“As he confronted capital outflows, the rupee at record lows, and over-blown but palpable, fears India was marching towards an Asia-crisis style abyss, Rajan duly administered tough monetary medicine to ailing bond and currency markets.”

Rajan is an internationally-renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis.

Last year in September, the Chicago University economist was appointed the governor for a three-year term by the last central government.

The Indian currency had plunged nearly 20 percent since May, 2013, and the country was facing its worst crises since 1991, when Rajan took over.

Rajan is also a prize-winning author of the book: "Fault Lines: How Hidden Fractures Still Threaten the World Economy".