..........Everyone you speak to — from bankers, entrepreneurs and executives to investors — hopes Rajan will usher in a pro-growth shift in India’s monetary policy. Will he do that? Everyone will be keenly waiting for his mid-quarter credit policy, scheduled for September 20, just a fortnight after he took charge. Rajan faces what economists call a central banker’s trilemma. He has to arrest the rupee’s slide, cool inflation and create conditions that will boost growth. Most central bankers have to deal with one or two of these challenges at a time. Attempting all three simultaneously is a Herculean task..............
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