MUMBAI: Mohamed El-Erian Allianz SE’s chief economic adviser, said financial markets would 'understandably' not respond well if Raghuram Rajan is not given a second term as Reserve Bank of India ( RBI ) governor.“He is rightly deemed as one of the very best central bank governors in the world,” El-Erian said in an email interview. “Indeed, few can match his expertise, experience and knowledge.”One of the most influential voices in the global financial markets, El-Erian was once deemed to be the successor of ‘Bond King’ Bill Gross at Pacific Investment Management Co (Pimco), the world’s largest bond fund manager. Both left Pimco in 2014 reportedly after a falling out.Rajan, whose three-year term is set to end in September, has been subjected to fierce attacks by a ruling party lawmaker and his comments criticised by a minister.The government has said it will only take a decision on the RBI governor’s post closer to September.India is among the most promising economies in the emerging market basket, which faces uncertain prospects as a whole, El-Erian said.“It (India) has solid growth momentum, is benefiting from favourable terms of trade, has highlyrespected policy makers, and is attracting much deserved attention from both domestic and foreign investors,” he said El-Erian, who recently declared that Fed officials are talking up a rate hike, doesn’t see such action having as much of a disruptive effect to emerging economies as before.That’s because the Fed is more sensitive to global conditions, markets have partially adjusted to the possibility of such moves and officials are more adept now at handling such developments, he said.But he pointed out that unconventional policies undertaken by global central banks are “near exhaustion point,” with increasing risks of collateral damage and unintended consequences going ahead.