The leadership said, For heaven's sake, don't do anything, we can't take the risk! Never since the Independence did India have this high a rate of growth! There was almost a fear that the RBI was risking the growth with its counter-cyclical policy. Naturally, from a political angle, the time horizon is short, and financial markets also have somewhat similar, if not shorter, horizons." Governor Duvvuri Subbarao did not say these words on Monday after he shocked the markets by not lowering the interest rates, or easing the cash reserve requirements. That was former Reserve Bank of India Governor Yaga Venugopal Reddy about the powers-that-be at the Nand and Jeet Khemka Distinguished Lecture at the University of Pennsylvania in 2009.............
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