Saying there existed limited room for the monetary policy to manage external sector risks, the Reserve Bank of India (RBI) on Monday favoured a hike in petroleum product prices and steps to curb demand for precious metals to arrest a widening current account deficit (CAD). Further reforms in policies are a must to attract more foreign direct investment (FDI) or equity in the country, the central bank said in its Macroeconomic and Monetary Developments report released ahead of its annual policy for 2012-13..............
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