Raghuram Rajan needs to walk a long way before he can pare interest rates

On his first day in office on September 4, Raghuram Rajan, the new governor of the Reserve Bank of India, pointedly underlined the likelihood of his surprising the financial markets with his actions. "A central bank should never say 'Never'," said the 50-year-old Rajan. Two weeks later Rajan showed he had meant what he said. ................

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