..........The broader picture is this: once again, New Delhi’s line of thinking may turn out to be at variance with that of Mint Road. With Subbarao’s term as governor ending in September this year, he may be of the view that RBI has done all it could to push growth and curb inflation. As he has articulated often, structural constraints will now need to be addressed and there’s only that much monetary policy can achieve. What another rate cut can do under the circumstances is, therefore, in doubt..............
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