Finance Minister Arun Jaitley on Saturday said that the Centre appreciated the “good work” done by Reserve Bank of India Governor Raghuram Rajan. Earlier in the day Rajan said that he will not be seeking a second term after his tenure ends on September 4. In a Facebook post, Jaitley said the government respected Rajan’s decision and that his successor would be announced soon.

Former finance minister and senior Congress leader P Chidambaram said he was “profoundly saddened” by Rajan’s decision to not seek a second term as RBI Governor. He added, “I hasten to add that I am not surprised at all,” NDTV reported. “As I had said sometime ago, this government did not deserve Dr Rajan. Nevertheless, India is the loser,” he said.

There has been speculation that Rajan’s exit will impact the country’s economy negatively. Several people from the industry, such as head of Biocon Limited, Kiran Mazumdar Shaw and Infosys co-founder NR Narayana Murthy, have also called Rajan’s move a loss to the country.

Rajan recently came under attack from Rajya Sabha legislator Subramanian Swamy, who urged the Centre to not give the banker a second term in his post.