Banking reforms alone, however, aren’t going to bring foreign investors back or prevent the rupee from falling further. This is (Raghuram)  Rajan’s real challenge: He is stepping into a stew of financial chaos, missed opportunities and political paralysis that has been simmering for years. It’s no longer inconceivable that India could become the first of the BRIC economies — Brazil, Russia, India and China — to lose its investment-grade rating. And Rajan may not be able to do anything about it.

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