Economics
Rajan Brings Stature to RBI Hamstrung by India’s Deficits
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India’s newly installed central bank Governor Raghuram Rajan burnished his international credentials at a 2005 U.S. conference warning about the danger of a potential crisis. Now he has one of his own to contend with.
Rajan, 50, joined the front lines of a battle to forestall a record slump in the rupee yesterday with a package of measures that may lure $10 billion in foreign-exchange inflows over three months, according to Barclays Plc estimates. The currency and stocks rose. Beyond the rupee, Rajan is also tasked with reversing dwindling growth and reining in inflation hammering 826 million citizens who live on less than $2 a day.