..... Today if the RBI has lobbed the ball into the government’s court it is because monetary policy has reached its limits. It is now for the government to do its bit. Going by the number of fiscally irresponsible actions, there is little sign as yet that it has realised the gravity of the situation. It is only appropriate therefore that the RBI has finally stopped mincing words and done some plain speaking, even if it is accused in the process of shirking responsibility and ‘lobbing’ the ball back into the government’s court.
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