To debate the relevance of the country's central
bank might seem facetious or plain dumb. But too much is being made of
the central bank's failure to cut policy rates. It is being accused of
being dogmatic on inflation, of not seeing the parlous state of growth.
All such passion stems from assuming that the RBI's policy rates matter
the way central bank action matters in the US or Europe. This assumption
is fatally flawed. The RBI is largely irrelevant to large swathes of
the economy............
Read - ET
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