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Economy

Gita Gopinath -- India's economy after Rajan

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Reserve Bank of India Gov. Raghuram Rajan attends a news conference after their bimonthly monetary policy review in Mumbai on April 5.   © Reuters

NEW DELHI -- Raghuram Rajan's decision not to seek a second term as Governor of the Reserve Bank of India (RBI, India's central bank) was met with shock from those of us who have been cheeringon the Indian economy. While it is no secret that Prime Minister Narendra Modi's government had its problems with Rajan, few believed that the government would take a step that so clearly undermines India's interests.

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