Rajan on a High, Re at a Low

.....Rajan now faces the delicate task of giving a sympathetic hearing to the government’s growth concerns without compromising RBI’s functional independence. It is also likely that Rajan may reform the 78-year-old institution, making it more democratic in terms of monetary policy, as is the case in developed countries. In the process, he may have to dilute some of the extraordinary powers of the Governor..............

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