.... SBI chairman is whistling in the dark just as are policymakers in New Delhi who believe that December's depressed output numbers can be handled by the simple expedient of interest rate reductions. The buck may have already been passed to Mint Road and the call for more action than cuts in CRR may reverberate increasingly in the coming days.But the RBI has probably pre-empted that sentiment. In its third quarter review it still moans the stickiness of inflation to justify its current rate policy. But its analysis of macroeconomic trends does more than just implicitly defend the status quo on interest rates.....
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