Raghuram Rajan, the governor of the Reserve Bank of India, is what most central bankers used to be — an independent presence committed to price stability, a sound currency and disciplined fiscal spending, rather than simply functioning as a cheerleader for asset price inflation.
Unfortunately, market performers and the business community both prefer the latter type.
In part precisely because Mr Rajan declined to cut interest rates 25 basis points in early February following an unexpected cut in mid-January, the stock market dropped every day for a week — the first time in many months.
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