....Not one of the analysts polled before the policy thought that the central bank should raise rates, which is what this writer has been urging for months. Apart from raising rates, the Reserve Bank of India (RBI) should move to a fixed CRR (cash reserve ratio) regime, instead of tinkering with it all the time. It would be even better if it abolished paper money – created by the printing presses – but this would be a really outlandish suggestion for the current crop of central bankers who love to print money..........
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