.......The RBI acted fast post the crisis to reverse accommodative monetary policies, raising the policy rate 13 times by a cumulative 375 basis points, from 4.75% to 8.5%. Wage inflation has responded slowly but it has responded, falling from 10.9% in April 2010 to 6.6% by January 2013. Inevitably the RBI has taken some stick for tightening monetary policy, and has been blamed for "choking off growth", but Subbarao says that the bank will be sticking to its guns...........
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