Raghuram Rajan's agenda: Damage control through independence

As the next governor of the Reserve Bank of India (RBI), Raghuram Rajan, the professor-turned-policy-purveyor, will be stepping unto the breach of the besieged Indian economy. Economic growth has decelerated sharply, the government deficit is about ten per cent of GDP, inflation has remained elevated at close to double-digits for over three years, and the current account deficit has widened sharply to unsustainable levels.

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