It is not usual for a central bank to be doing nothing at a time when growth is slipping faster than expected. The first quarter review of the monetary policy by Reserve Bank of India (RBI) on 31 July, as widely expected, was virtually a non-event. And if recent fiscal trends are anything to go by, it is likely to remain this way in the foreseeable future. What will further complicate the making of monetary policy is that prices are now .......
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