.........In these difficult economic circumstances, Rajan taking over as governor of RBI is a big positive for the Indian markets. However, very soon, the ball will again be in the government’s court. Monetary policy will face the same dilemmas as it did until a few weeks ago. Further, the decisions on the financial sector reforms will have to be backed by government action. I am still not sure if New Delhi is ready to match the pace of change with Mumbai.
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