An eloquent policy that falls short

....Conclusion In the light of the above discussion it emerges that the RBI is in search for a monetary policy space through fiscal consolidation as a precondition. Going by the track record of the government, (particularly in a democracy with a deficit bias), prudent fiscal management is a misnomer. In this milieu, RBI has to create its own space to respond to growth. One way is to keep the rate constant, as it has been doing, but unfortunately this has not yielded the desired result. On the contrary this has resulted in a massive slowdown in growth and continued elevated inflation........

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