....Most economists are not very optimistic about growth improving sharply in the near future. The central bank, which started raising rates from October 2011, has steadfastly refused to reduce them even by a token 25 basis points, despite suggestions by the finance ministry. Reserve Bank of India Governor D. Subbarao has said several times that his primary focus is to control inflation — and unless that comes down, it will be difficult for him to justify reducing the rates. But the flip side is that unless rates come down, many bankers do not expect the economy to pick up, or the credit offtake to improve.......
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