Reserve Bank of India (RBI) Governor D. Subbarao will present the first monetary policy of fiscal year (FY) 2013 next week. Interestingly, when one looks back, the first monetary policy of FY12 was a watershed event. The RBI changed its approach of gradual calibrated tightening and surprised the markets with a 50 basis points (bps) hike in rates. One bps is one hundredth of a percentage point. RBI firmly acknowledged that in the long run high inflation hurts growth because investment suffers from inflation uncertainty............
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