......... When inflation raged at close to double digits for much of last year, despite the muscular exertions of the RBI, which had the effect of slowing down growth, UPA-2’s All-Star Team of economic managers offered nothing more than pious platitudes that things will get better. With the result that even today, thanks to a rupee that went into free fall in the last quarter of 2011 and widening deficits all around, inflation hasn’t been well and truly vanquished. This constrains the RBI from undertaking any easing of interest rates – for fear of stoking inflation and undoing all the work it single-handedly did.......
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