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Rajan's policies were sound, but his enemies were stronger

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A TV camera captures Indian central bank Gov. Raghuram Rajan at a news conference in Mumbai on June 7.   © Reuters

Tough, uncompromising and outspoken, Rajan, 53, appeared to be doing everything that a good central bank chief ought to do in terms of policy. But he was too independent for India's politicians and stepped on some very big toes.

Rajan served notice of what to expect on his very first day in office at the RBI, when he said: "The governorship of the central bank is not meant to win one votes or Facebook 'likes.' But I hope to do the right thing, no matter what the criticism."

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