In an interview to Bloomberg TV a few days after he announced the new Union budget, finance minister P. Chidambaram said in response to a question about interest rate policy: “I think the RBI should take comfort from what we have announced as the fiscal consolidation path and I am sure the monetary policy advisory committee will advise the governor appropriately.” It was odd that the finance minister had signalled to the monetary policy advisory committee rather than governor D. Subbarao directly, especially since the latter has often taken decisions contrary to what the committee had advised him..........
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