Raghuram Rajan: From financial crisis prophet to next RBI chief?

NEW DELHI: The man widely expected to be next RBI favours clipping the autocratic power of the role and giving more say to a monetary policy committee. Raghuram Rajan, who in 2005 predicted the global financial crisis, also believes that inflation of around 5 percent is "reasonable" in a developing economy, rejecting the notion of a "new normal" for India of 7-8 percent. That's a view shared by the central bank, which has struggled for years to curb inflation and a sign that Rajan would not radically alter the thrust of monetary policy...........

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