Treating the symptom

..... The RBI's OMOs and CRR reductions only address a symptom (‘tight liquidity conditions') rather than the real disease of a deepening slowdown. The right way to treat that is through aggressive interest rate cuts, which is what the monetary policy doctor ought to be doing today. One hopes the Governor, Dr D. Subbarao, initiates it at the central bank's next mid-quarter monetary policy review on March 15.

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