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Raghuram Rajan, India’s new central bank chief, wants to be his country’s Paul Volcker. The former Federal Reserve chairman’s tight monetary policy tipped the U.S. economy into recession in the early 1980s, but succeeded in curbing double-digit inflation rates. Following in his footsteps, Mr. Rajan raised the monetary authority’s key policy rate by 25 basis points on Sept. 20.Report Typo/Error