.....Seeking to drive home this point to a gathering of industrialists here on Friday, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said blaming the Reserve Bank of India (RBI) and its interest rate policy was a “slightly over-simplified approach. I am not saying that’s [interest policy] not an important instrument, but availability of medium-term money at reasonable rates cannot be achieved simply by operating on the repo rate in the system. It is actually achieved by reducing the fiscal deficit.”......
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