Internationally renowned economist Raghuram Rajan will take over as the RBI Governor on Thursday and plunge straight into a fire-fight situation as the country battles a rapid fall in rupee, high inflation, low growth and burgeoning current account deficit (CAD). Fifty-year-old Rajan, a former chief economist with the International Monetary Fund (IMF) who was economic advisor to the finance ministry, will take over a difficult assignment from Duvvuri Subbarao on his completing five years on the Mint Road. Rajan has already said that he has no magic wand to face the challenges before the country but would deal with them one at a time.