Few central bankers have had as much success in so short a period as India's Raghuram Rajan.
Eight months ago, when Rajan took over as head of the Reserve Bank of India, the rupee was in a free fall, speculators were betting on a debt crisis and economists buzzed about India being the first BRIC (Brazil, Russia, India and China) nation to have its credit rating cut to junk.
Today, India's central bank is back to battling more conventional foes such as inflation — not financial Armageddon — thanks to Rajan's decisive moves to stop capital from fleeing the economy. Rajan is about to confront a bigger challenge: India's dysfunctional politics.