India’s overwhelming surge of coronavirus infections has revealed complacency after last year’s first wave, as well as a “lack of foresight, a lack of leadership," according to Raghuram Rajan, former governor of the country’s central bank. India is suffering the world’s worst outbreak of Covid-19 cases, with deaths hitting a record Sunday and new cases above 350,000 daily. Hindu nationalists, which form a large base of Modi’s support, questioned his allegiance to India and accused him of keeping interest rates too high. The RBI has been “as accommodative as possible" to support the economy in the face of stubborn inflationary pressures. At the moment, he said Tuesday, “it seems as if the Fed has somewhat been overtaken by events."

Source: Mint May 04, 2021 14:00 UTC