....There are three institutions that keep India running: the Supreme Court, the Election Commission and the Reserve Bank of India (RBI). To be sure, most of the economic mess in India has the government behind it. And often the RBI is called in as a vacuum cleaner. But even the world’s best vacuum cleaner cannot be successfully used to clean up a garbage dump. Further, the government appears to have infected the RBI, which recently cut policy rates by a bigger-than-expected magnitude while acknowledging further risks to inflation despite slower growth, and flagging several reasons why it should not have cut rates.............
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