.........If anything the pressure may flow in the other direction, with Mr Rajan having to defend the RBI’s independence. The government wants the RBI to give bank licences to well-connected tycoons; Mr Rajan, sensibly, opposes this and wants more small banks to be created. Official proposals are circling to put monetary policy in the hands of a new committee dominated by external government appointees, and to give the finance ministry, not the RBI, authority for financial stability. Mr Rajan should fight both suggestions. India is lucky that Mr Rajan is in the RBI job. He will be a bulwark against populism and an advocate of liberalisation. But his hardest task is to avoid being labelled a saviour..........
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