No magic wand for India's economic challenges - Rajan

NEW DELHI (Reuters) - The government and the RBI are working together to tackle the country's economic problems but there is no "magic wand" to fix them, said Raghuram Rajan, who will take over as central bank governor next month.

"We do not have a magic wand to make the problems disappear instantaneously, but I have absolutely no doubt we will deal with them," said Rajan after he was named as a replacement for outgoing governor Duvvuri Subbarao.

(Reporting by Manoj Kumar and Rajesh Kumar Singh, writing by Devidutta Tripathy, editing by Ross Colvin)