......Acknowledging that the Centre had made a “firm commitment to fiscal consolidation” in Union Budget 2013-14, the RBI said the key challenge was to reduce the current account deficit (CAD) which is riding at record levels and “well above the sustainable threshold”. It urged the government to adopt measures to improve the competitiveness of exports and wean away demand for “unproductive imports”. The RBI and the Centre have been bickering for over a year on the direction of monetary and fiscal policy and have blamed each other for not doing enough in their domains to prop up a faltering economy.......
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