Rajan doesn't have control over what really ails India

The most important indicator of whether India will crash is the sweat on Raghuram Rajan’s brow. The new Reserve Bank of India governor arrived in Mumbai this week with a bang, announcing a slew of reforms to free up and expand the banking sector and to draw more Indians into the formal financial system. The news impressed traders, who staged much-needed rallies in both stocks and the rupee on Sept. 5.

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