..........The Reserve Bank of India bears much of the responsibility for India's slowdown. Using the classic cure against inflation, it made the price of money high and hence, made it costly to acquire capital. It has barely cured inflation and instead penalised heavily honest savers in the country. The RBI failed to see that the culprits were mainly property developers and politicians; it has punished everyone, the good ones and the bad ones alike and, thereby, has indirectly promoted corruption......
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