....One shudders to think what would have happened had the RBI stood firm and not succumbed to pressure to cut rates. In hindsight, it was good it did succumb; against all economic logic, perhaps and despite the Governor’s avowal less than a week ago at the London School of Economics that ‘Inflation above six per cent would justify, indeed demand, tightening of the monetary policy stance!’ Fortunately, Subbarao made up for playing along with the government.........
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