A Daunting Outlook for India's New Central Bank Head

India's central bank is in the throes of change. The Reserve Bank of India's two-day monetary policy meeting kicked off on Oct. 3, marking the first meeting chaired by incoming Gov. Urjit Patel. In addition, India's new six-member monetary policy committee, which will be taking over interest rate decisions from outgoing Gov. Raghuram Rajan, is making its debut at the conference. Though this is only the first meeting for the new governor and committee, the stakes are already high. The incoming monetary policy team will be hard-pressed to contain inflation -- the Indian economy's perennial bugbear -- as effectively as Rajan did....