Raghuram Rajan has more up his sleeve

Given how Raghuram Rajan earned his spurs by taking on Alan Greenspan at the height of his popularity and even got labelled a Luddite for this—by former US treasury secretary Lawrence Summers, the frontrunner for the Fed chief’s job—his stint as RBI Governor promises to be an eventful one. While finance minister P Chidambaram has been known to be impatient with central bank chiefs who have not supported growth by cutting interest rates, Rajan’s stated position on containing inflation is not too different from that of current RBI Governor D Subbarao.

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