1/8
Hailed as a troubleshooting "James Bond" of central bankers amid India's currency crisis last year, Raghuram Rajan was given a licence to kill inflation with higher interest rates and drive a programme of monetary policy reforms.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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2/8
Now, the governor of the Reserve Bank of India (RBI) may need all the suave charm of the fictional British spy to sell that same hard-nosed agenda to a powerful new Prime Minister who is determined to revive economic growth and create jobs.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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3/8
Rajan, who calls high inflation a "dangerous disease", won plaudits after he took office in September for arresting a rupee freefall and helping restore investor confidence that had all but evaporated under a lame-duck government led by the Congress party.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL
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4/8
This month's decisive election win by the pro-growth Bharatiya Janata Party (BJP) shifts the power dynamics. Now, investors and voters are looking to Prime Minister Narendra Modi to stir India's economy from its prolonged torpor, putting Rajan and Modi on a collision course if inflation stays high.
In This Pic : Narendra Modi
Pic Courtesy : PTI
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5/8
In his first months on the job, Rajan overcame push-back from within the central bank as well as the finance ministry to shift the benchmark inflation measure from wholesale to consumer prices. The consumer price index (CPI) is the global standard, but in India the higher level of CPI meant Rajan was likely to keep rates tighter for longer.
In This Pic : Raghuram Rajan
Pic Courtesy : BCCL - Non Copyright
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