Five economic challenges for India's Modi

This has pushed India to source oil from elsewhere, including from Saudi Arabia, pushing refiners to spend more in dollar terms.

Modi seized control of the company to contain the crisis and the central bank created a separate supervisory and regulatory body to ease the liquidity crunch. While Rajan's term was not extended, Patel quit unceremoniously after weeks of speculation and was replaced by Modi ally Shaktikanta Das.

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