"It is a very messy situation. If the bank chief quits, it will shake the confidence of markets, the rupee will plunge further and investors will take money out from India. Nothing good will come out of this episode," says Vivek Dehejia, an economist who teaches at Canada's Carleton University. And a sudden spending spree could possibly hurt the bank's landmark inflation-targeting mandate, which, ironically, is one of Mr Modi's singular achievements."
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