........The RBI has been repeatedly cautioning the Government that “credible fiscal consolidation will be an important factor in shaping the inflation outlook.” As the situation has not changed much, it will be too early for the Reserve Bank to take a realistic view on the policy rates in its April review. In fact, the Budget has put the Reserve Bank in a tight spot. The achievement of the twin objectives of monetary policy — economic growth and price stability, which includes financial stability — has been rendered an uphill task.
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