Raghuram Rajan's christening by fire

This is indeed a christening by fire for Raghuram Rajan as he steps into the top job at Mint Road. Growth and employment are falling; retail inflation remains stubbornly high with food inflation in double digits for the last 60 months; and to complete the trilemma, the current account deficit threatens to remain above 4% and the rupee, having declined 15% in the last three months, seems to be in danger of getting into a free fall despite the incredible rise on Friday, August 23. It really couldn’t get tougher for an incoming Governor.

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