Raghuram Rajan: Ideal boy rides yet again

The enthusiasm with which markets reacted to the new Reserve Bank of India (RBI) governor's enthusiastic first day at the office made me realise that the Indian economy is entering a new phase - Raghuram Rajya, to coin a cute term. Wikipedia and my kids explained to me that the historic/mythological term, Ram Rajya, far from connoting any Hindu ascendancy (as has been often pushed recently), was, to quote Mahatma Gandhi, "undoubtedly one of true democracy … [that] ensures equal rights alike of prince and pauper".

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