......Chidambaram and others have been blaming gold for the high CAD, but it is their low interest rate regime in a high inflation era, that pushed people to gold. Once you reward savings with higher interest rates, that will be the beginning of a new innings for the Indian economy. We need to make up our mind – whether we are acceptable to high interest rates for a while, or lower rupee. We can’t have the cake and eat it too.
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