.......“It
is pertinent to note that stagflationary tendencies have already reared
their head in emerging markets, like India, where financial
intermediation was never a problem,” Rangarajan says in a paper titled
Growth or Austerity: The Policy Dilemma’ co-authored with Alok Sheel.
The assessment brings to fore the monetary policy challenges for RBI,
which is facing demands for lower interest rates despite strong
inflationary expectations.............
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