...........That was Rajan’s way of sending a message that he is no pushover to some sceptics who reckon that he may have a tough time ahead when a new political formation comes to power in Delhi next week. But the RBI governor, who has earned praise both at home and abroad for his handling of external sector management and approach towards cleaning up the mess in the banking sector, could well be up against one of his biggest challenges soon. A change in guard in Delhi and with it a new approach towards economic policy management could trigger a review of the current stance on monetary policy with its singular focus on inflation control. ...........
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