........ If the government does not reciprocate with necessary policy initiatives to fix the fisc and remove bottlenecks in fresh investments, the monetary policy is not likely to see any further easing. Finance Minister Pranab Mukherjee could not have missed that signal, even though the RBI governor may have been a little guarded about his comments on the fiscal policy authority. Who knows, Duvvuri Subbarao may have been inspired by an old Sanskrit saying that goes like this: speak what is true, speak what is pleasant, but speak not what is unpleasant even though it might be true.
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