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Raghuram Rajan wins over Narendra Modi despite broad mistrust

PM said to be 'proud' of Rajan and negative campaign will not affect his decision; may be offered a second term

Reuters  |  New Delhi 

In late 2014, the knives were out for RBI governor Raghuram Rajan. Finance ministry officials were frustrated by his reluctance to cut interest rates to stimulate growth, and moves were afoot to ease him out of the job. Some were airing their reservations about Rajan's hawkish stance in the media. Prime Minister Narendra Modi convened a meeting of senior finance ministry staff that December to hear their complaints, said a person who was present. At the end, the leader delivered a stern message: do not indulge in a public spat with the central bank. The moment marked ...

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First Published: Wed, June 01 2016. 14:40 IST