In exactly two weeks, the Reserve Bank of India (RBI) will have to take a decision on interest rates. Giving gratuitous advice on the morning of the meeting might be too late. Advice given a fortnight earlier might be somewhat useful. In any case, columnists earn their living by being presumptuous and through giving gratuitous advice. Until some time ago, all speculation on monetary policy was whether RBI would cut rates and if so, by how much. That ceased when the US dollar vaulted above 60 Indian rupees. Now, most people are reconciled to the view that RBI would stand pat on rates on 30 July...........
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