Less than a month into his new job as India’s finance minister, P Chidambaram is in a hurry to rev up the economy’s sputtering engines. But with inflation still high – the rate just dipped below seven per cent for the first time in 32 months — the central bank in Mumbai is reluctant to help by cutting policy interest rates. So Chidambaram wants to rely on the magnanimity of the US Federal Reserve, the European Central Bank and the Bank of England. He is nudging local companies to take more loans denominated in foreign...........
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