The announcement by the Reserve Bank of India (RBI) of the relaxation in policy rates and the Cash Reserve Ratio by 25 basis points each is the result of the wrong diagnosis of the current situation that is no different materially from what it was on the occasion of the last review. The basic causes are the wrong benchmarks used for measuring inflation and liquidity.........
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Wednesday, January 30, 2013
Wrong diagnosis, wrong prescription - A.Seshan
The announcement by the Reserve Bank of India (RBI) of the relaxation in policy rates and the Cash Reserve Ratio by 25 basis points each is the result of the wrong diagnosis of the current situation that is no different materially from what it was on the occasion of the last review. The basic causes are the wrong benchmarks used for measuring inflation and liquidity.........
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