..... As S.S. Tarapore, former RBI Deputy Governor, noted: “If the RBI is to pull itself out of the quagmire it would need to raise the repo rate from its present level of 8.5 percent to 9.5 percent.” Now you know why Subbarao is a lonely man. To fight the tide of overblown expectations on a rate cut, when the macro numbers are telling him to do the opposite, he will have to hold rates. He is not going to be the most popular gent around for a while.
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