Rajan was talking on a wide range of issues when he asked Australian investors to tap the Indian market now.

The Central Bank head said "I would argue that because of the common language – different accents but common language – I think there could be a lot going on there".

Rajan praised the role of Australia's Productivity Commission in developing economic policy.

"There are so many places two large economies can learn from each other," he added.

When asked if he was to consider a leadership role at the IMF in future, Rajan said "I haven't even thought about that. The problems here and the immediacy of dealing with them is so much more interesting at this point".

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