.... Recall that the consensus forecast was for a dramatic fall in inflation, which, in turn, would facilitate aggressive easing by the Reserve Bank of India (RBI). Expectations about rate cuts have undergone a dramatic shift, especially after the recent guidance by the RBI. The concerns are understandable given that Brent crude oil price has surged since bottoming in June. Also, the government is pussyfooting on the anticipated fuel price adjustment and the overdue fiscal correction. Finally, the impact of the poor monsoon will be much more relevant to inflation than growth.......
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