Sliding rupee: Will New Delhi & RBI finally end the blame game?

.....Last one year's experience shows that a quid pro quo doesn't work: RBI's grim reminders about the fiscal deficit have had little impact on the government, which refused to raise diesel price or cut subsidies. The lesson from this is that the use of monetary policy - rather the non-use of it - cannot force a government to act. RBI may have successfully built an impression that it's an independent central bank, but one wonders to what extent such an exercise helped the India story.

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