Most central bankers have an elliptical, roundabout speaking style. By contrast, Raghuram Rajan, when he was the governor of the Reserve Bank of India (RBI), was both an enthusiastic educator and remarkably direct. Speaking to The Wire last month, his tone was funereal. “This is a nation-threatening crisis,” Rajan said, his voice seemingly quavering over Skype, as he appealed to the government to reach out to the wealth of economic experience in India.
Mint’s Micro Tracker last week showed that most macroeconomic indicators were substantially below their five-year growth trend in May. Labour-intensive exports down by as much as 67
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