.........Monetary policy is a blunt tool, and only the RBI can know how it will ensure credit to productive sectors by keeping the repo rate unchanged. It is true that the RBI has to deal with several constraints, some of which are fallout of government inaction. Consequently, monetary policy alone cannot be the lasting solution to India’s inflation. Still, the RBI will achieve better success if it comes across as being less confused about what it is trying to fix: low growth or still-high inflation. In the absence of such clarity, it’ll have little success, as has been the case.
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