More than the Reserve Bank of India (RBI)’s action on the rate front, its guidance on limited headroom for monetary easing drew attention. C Rangarajan, the Prime Minister’s Economic Advisory Council chairman and former RBI Governor, says the behaviour of the headline inflation numbers and continuance of the subdued nature of core inflation (non-food manufactured items) will determine the stance. He tells Indivjal Dhasmana that for quality of fiscal consolidation, one of RBI’s main advice, the Centre has to keep revenue deficit under check and aggregate subsidies at the budgeted level. .............
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