Rajan faces daunting challenges as he takes over as RBI governor
"This then is the dangerous place we are at." When Raghuram Rajan delivered this punchline in April 2012 to an audience in New Delhi that included the Indian prime minister, Manmohan Singh, he could do so with some sense of detachment. He was at that time still based in Chicago as professor of finance at the University of Chicago's Booth School of Business. And the potential crisis he was warning about – a collapse of confidence in India by foreign investors – was distant enough for him to
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