20 June 2016 at 1:17 GMT
Raghuram Rajan, the governor of India's central bank, is to step down in early September at the end of his term. He had been expected to stay on in the role. Rajan had been “open” to continuing after his initial three-year term, but has made his move after “due reflection and consultation with the government”. The former IMF economist, one of the few to predict the 2008 financial crisis, has been praised for his handling of the Indian economy. It is now the fastest growing major economy in the world. However he has faced pressure from a faction within Prime Minister Narendra Modi's ruling party for keeping interest rates high. There has also been criticism that he had begun to stray into politics.
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