Rajan Walks Subbarao's Path

........Rajan is walking in the footsteps of his predecessor Duvvuri Subbarao, when he said, 'the focus has turned to internal determinants of the value of the rupee, primarily the fiscal deficit and domestic inflation.' And he is exercising his authority a lot more than his predecessor who might have talked the same language, but hesitated to raise interest rates. Subbarao admitted, in hindsight, that he should have raised interest rates a lot earlier, and quicker. Rajan has taken a leaf out of Subbarao..........

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