..........But in Subbarao, India has a fickle monetarist, whose fetish for changing goalposts has meant the economy totters with average credit and deposit growth rates falling from 20% plus when he took charge in September 2008 to well under 15% now. During his reign, India’s savings rate fell from 34% of GDP to barely 30%, trade deficit has widened from $120 billion to almost $190 billion and, worst of all, the rupee has depreciated over 35% from 44/$ to nearly 60/$. Subbarao has claimed that monetary policy is the preserve of the RBI and fiscal policy of the government. Should he not, therefore, share at least half the blame for the pathetic state of affairs?...............
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