Thank you, S&P: Why the rating agency did us a favour

..... But an investor who came to India one year ago on hopes of seeing 8-9 percent growth will shy away as he hears of 7 percent while he may add to investments in countries which are moving from 0 percent to 1 percent GDP growth. In this context, the Reserve Bank of India (RBI) is in a Catch 22 situation. Ideally, the deteriorating CAD is an indication that the currency in overvalued and hence must be allowed to depreciate. But a steady depreciation................

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