Some straight talk from Reserve Bank of India Governor Raghuram Rajan:
"It is not the role of the central bank to elevate sentiments unduly, to deliver booster shots to the stock market so that it can soar for a while, only to collapse when reality hits"
And ...
"We do not have to look far beyond our borders to see the consequences of such boosterism"
Take that, China ...
Rajaon was speaking at a conference in Mumbai on Monday. Good stuff.
On the rupee:
"We will have no hesitation in using our reserves when appropriate to reduce volatility in the rupee
Once market volatility settles down, India should emerge once again as an investment destination of choice."
