.........The RBI has cut the policy rate and infused some liquidity in the economy. It has, however, been cautious about promising much more. Companies that face an immediate escalation in costs, thanks to higher fuel prices and rising wages, know that a small reduction in borrowing rates will not compensate for this. Nor will it goad Indian bureaucrats to take decisions faster. The central bank has emphasised “non-monetary” factors as the key constraint to growth and I doubt if any Indian entrepreneur will disagree with this prognosis..........
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