......The Government’s massive borrowing programme has not only pre-empted funds available for private players but also, in the process, pushed up the borrowing costs for trade and industry. In such a situation, where the monetary brakes applied by the central bank as many as 13 times did not lead to desirable results with the fiscal mess remaining the Achilles’ heel of the economy. Given the coalition Government’s inability to institute cost recovery in items such as diesel, when the global crude price was on a rollercoaster, price stability is but a lost cause.......
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