Rajan is laying foundations for long-term growth in India

After five months in office, nobody would accuse Raghuram Rajan of keeping a low profile. Rarely has a central bank governor been such a regular fixture in local papers. The global media is also paying close attention in what has been a crucial period for emerging markets. Overall, he has made a good start. He has taken a tougher stance on inflation and is looking to push through a broader reform agenda, both of which could lay the foundation for stronger long-term growth. But there are limits to what a central bank governor can achieve, which is why so much is riding on the make-up and performance of the next government.