May 25, 2014 11:58 pm

India could be on the cusp of a ‘Reagan moment’

From Mrs Ritha Khemani.

Sir, I fully support the sentiments expressed by Gurcharan Das (“India may be on the cusp of its Thatcher moment”, Comment, May 19).

However, Margaret Thatcher had open disagreements with Gordon Richardson, the governor of the Bank of England, in her early years. A strong alliance with the Reserve Bank of India would be very helpful if not essential for Narendra Modi to fulfil his goal of a strong economy.

I therefore hope Mr Modi will ensure that the only (or so it seems) wise decision that the earlier Congress-led government made, of appointing the very able Raghuram Rajan as governor of the central bank, is not overturned. India will then be on the cusp of “a Reagan moment”, with the equivalent of Paul Volcker as the man responsible for bringing down inflation. An unbeatable combination.

Ritha Khemani, Washington, DC, US

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