Rajan acknowledged that the economy will expand at a pace slowest in the entire decade, with annual growth this year likely to be between 5 and 5.5 per cent, reported Indian Express.
"Today, India can do no right"
The resulting growth spurt led to inflation, especially because the world did not slide into a second Great Depression, as was originally feared, he said. "So monetary policy has since remained tight, with high interest rates contributing to slowing investment and consumption," he added.
Rajan also drew an analogy between the current bearishness on the country, whose currency has barely recovered from record lows last month, to the fickle loyalties of Indian cricket fans.
"A few years ago, India could do no wrong. Today, India can do no right," he wrote in the piece.