RBI’s ‘jinx’ rate has dogged it for 10 years—What’s causing it?
Let us start with Raghuram Rajan, who was appointed in September 2013 during the Manmohan Singh government. The start of his tenure was baptism by fire: he joined when the inflation rate was close to 10%. Soon after, he had to quell fires ignited by the US Federal Reserve’s policies, which resulted in huge outflows of foreign exchange.
