The Reserve Bank of India (RBI) believes that in a scenario when non-monetary factors are impeding a robust revival in growth, lower real or nominal interest rates are not enough to stimulate growth. “Price stability and exchange rate stability are necessary preconditions to sustainable high growth. Furthermore, when non-monetary factors are impeding a robust revival in growth, lower real or nominal interest rates may not be just enough to stimulate growth,” said RBI's Executive Director Deepak Mohanty in his speech in Pune on Friday............
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