Has Subbarao lost the opportunity to be a statesman?

..... I believe a symbolic cut in the policy rate by RBI would have strengthened his arm and also boosted business sentiment (to be sure, again, it wouldn’t have changed the environment much). I am also convinced it wouldn’t have taken us any closer or any farther from economic ruin than we already are. I am, therefore, inclined to consider the lack of any substantive action by RBI on Tuesday as a lost opportunity........

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