Now, over to the politicians

........Rajan is undoubtedly a very smart man. He is youthful by the standards of the Indian policy establishment. He is energetic and he has fresh ideas. But he doesn't possess a wand, which can be waved to magically restore the fiscal balance. In fact, that isn't even his job. The best he can offer is some degree of monetary sanity. It took three years of collective fiscal profligacy and policy mismanagement to cause this crisis. Most of the people responsible are still very much part of the establishment. One man, and one without a fiscal policy mandate at that, cannot reverse that trend. It will require a combined effort from fiscal policy-makers, with the consensus of Parliament to even start putting things right and the damage cannot be mended in a day, or a month, or maybe even a year.........

Read | Business Standard