The J. William Fulbright Foreign Scholarship Board has selected Prof. Rajan for the 2018-19 U.S. Scholar Award.

According to the award letter "The Fulbright Program, which aims to increase mutual understanding between the people of the United States and the people of other countries, is the flagship international educational exchange program sponsored by the U.S. government. As a grantee, you will join the ranks of distinguished participants in the Program. Fulbright alumni have become heads of state, judges, ambassadors, cabinet ministers, CEOs, and university presidents, as well as leading journalists, artists, scientists, and teachers. They include 59 Nobel Laureates, 82 Pulitzer Prize winners, 71 MacArthur Fellows, 16 Presidential Medal of Freedom recipients, and thousands of leaders across the private, public and non-profit sectors. Since its inception in 1946, more than 380,000 `Fulbrighters’ have participated in the Program."