The Joker in Rajan's pack

Later this week, Raghuram Rajan will take over as the 23rd governor of the Reserve Bank of India (RBI). It is close to four weeks since the government announced his appointment. Thanks to the battering the rupee has received in the intervening weeks, the governor-designate has been at the receiving end of a flood of advice. Cut interest rates, say some. Hike them, say others.

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