....... a big risk is that he is labelled as a saviour when India’s economic destiny is largely in the hands of its government, not its central bank. Nonetheless Mr Rajan did hype-up his speech by arguing his immediate agenda “involves considerable change, and change is risky”. That, to my mind, is an overstatement. The proposals made last night were sensible, but modest, with two exceptions. Both could transform how India works. Both are unlikely to happen soon............
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