India's new central bank chief warns of unpopular steps to fight crisis
MUMBAI (AFP) - Top economist Raghuram Rajan warned on Wednesday that he might have to take unpopular steps to tackle India's worst economic crisis in decades as he took over as the central bank's new chief.
Mr Rajan, a former chief economist of the International Monetary Fund, sought to reassure rattled markets, saying India faces tough challenges but is fundamentally sound, as policymakers battle a plummeting rupee and decade-low growth.
In his first public comments after taking over as Reserve Bank of India (RBI) governor earlier on Wednesday, however, Mr Rajan added that "some of the actions I take will not be popular", without detailing them.
"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, even while looking to learn from the criticism," he said in a televised statement.