Former Chelsea striker and Ivory Coast national team captain Didier Drogba has signed for Montreal Impact, the Major League Soccer (MLS) club announced on Monday, joining a growing list of famous international players in the MLS.

    Drogba, who was part of the Chelsea team that won the English Premier League title in May, has joined Montreal in a trade with the Chicago Fire, which had his MLS rights.

    "It's an honour to welcome Didier Drogba to the Impact," said team president Joey Saputo.

    "This is one of the biggest days in club history and his arrival to the club will be beneficial in every aspect." 

    The 37-year-old Ivorian joins an MLS roster that includes Englishmen Steven Gerrard (Los Angeles) and Frank Lampard (New York City), Brazilian Kaka (Orlando), Spaniard David Villa (New York City) and Italian Andrea Pirlo (New York City).

    Drogba left Chelsea after playing 381 games and winning four Premier League titles across two stints with the Stamford Bridge club. He twice won the Golden Boot for top scorer, and in 2012 scored the equalising goal and subsequent winning penalty kick that earned Chelsea the Champions League title in the final against Bayern Munich.

    Drogba was mainly was used as a substitute last season.

    The terms of his deal with Montreal were not announced and there is no word yet on when he will make his debut.

    Drogba will be a designated player, which means his wages will not be restricted by the team's salary cap.

    Montreal are currently sixth in the Eastern Conference with 24 points from 18 games.

RBI is waiting for new government before making policy moves

Economic forecasting is sometimes akin to geo-political strategy where unforeseen events can influence the direction of policy in an unanticipated manner. The Reserve Bank of India's (RBI's) rather status-quoist monetary policy on Tuesday should be seen in this context. RBI governor Raghuram Rajan, as expected, did not tinker with lending rates. The central bank kept the repo rate — the rate at which the banks borrow from the central bank — unchanged at 8%, obliquely hinting that a further rise in interest rates was unlikely if inflation were to hold its current downward trend.

In September last year, shortly after taking over as RBI chief, Mr Rajan did not hesitate to say that there was no "magic wand" to solve the immediate problems afflicting the economy. His remarks were predicated on the classic monetary "trilemma": Stabilising foreign exchange rates, boosting growth and containing inflation. Six months later at least of two of these variables seem conquered: The rupee has soared sharply and inflation rates are at multi-month lows. India's currency and equity markets have hit a sweet spot, aided by a gush of dollars on the expectations of a stable investor-friendly government after the Lok Sabha polls. Besides, vegetable prices have plunged on the arrival of fresh seasonal supplies ,pushing down overall inflation rates.

Then why hasn't the central bank cut rates to spur growth — in the monetary "trilemma"? The answer lies in the detail of Mr Rajan's policy statement. There are two rather inconsistent factors that can potentially catch the economy off-guard. First, the Lok Sabha election results. A fractured mandate can trigger fears of a policy gridlock and can wipe away most of the recent gains in stock and currency markets. Second, the spectre of a failed monsoon because of a probable El Nino effect — a weather glitch marked by an abnormal warming of the eastern Pacific Ocean known to trigger weaker rains and droughts. Mr Rajan has alluded to both in no uncertain terms. Weather and politics are the two known unknowns that can strike shocks that the economy needs to be prepared to absorb.

 

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