Is FM pitted against an old boy network?

.....Mr Rangarajan's influence over monetary policy is no secret in Mint Street. It may have waned a little from the days of the Lehman collapse when a clueless Subbarao was groping to find a way out of the crisis, but it's far from gone. Even Yaga Venugopal Reddy, Mr Subbarao's predecessor and who also served as RBI Deputy Governor under Mr Rangarajan, shared notes with the latter and considered him as a mentor. Indeed, when it comes to monetary policy and timing of a rate cut there may be a striking similarity in the thinking of three gentlemen: Mr Reddy, Mr Rangarajan and Prime Minister Manmohan Singh, another former RBI Governor. The finance minister had perhaps underestimated the power of the old boy network that financial markets often forget - as was evident on Monday when a top notch analyst changed his forecast at the last minute to predict an interest rate cut by RBI..............

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