....A key part of Chidambaram's strategy to work around the political gridlock has been to forge better ties with the Reserve Bank of India (RBI), which frayed under Mukherjee. The two were at odds over which should come first - fiscal reforms or cutting high interest rates. The ministry and the RBI are now working on a coordinated plan that would see Chidambaram take the first step by unveiling some fiscal reforms, possibly in September. That could give the central bank room to ease interest rates......
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