........Whatever its past errors might have been, today, the RBI is right in insisting that a clear and substantial cut in the fiscal deficit must accompany the lowering of interest rates. If interest rates are lowered first and investment revives, it may not only blunt the willingness of the Congress to undertake fiscal reform, but trigger demands by the radicals for a fresh spending spree on “inclusive development” that Manmohan may not be able to prevent..................
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