....... Meanwhile, progressive fiscal mismanagement threatens to usher in a fresh economic crisis. Managing the consequences of this, has once again been outsourced. The Reserve Bank of India is now entrusted with the task of ensuring macroeconomic balance in a circumstance where the union government has abandoned its role in defining and adhering to fiscal policy. So clever has been this manoeuvre that in public perception it is RBI’s failure to keep interest rates down that is being blamed for slowing economic growth—akin to blaming the fireman for causing a flood in the neighbourhood while putting out a fire........
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