......“Further actions need not be announced only on policy dates,” the RBI said in a statement Friday, indicating the central bank won’t hesitate to take steps in-between scheduled policy reviews, a practice Mr. Rajan’s predecessor Duvvuri Subbarao had avoided. As India struggles with a deterioration in its economy, Mr. Rajan appears to be using the element of surprise to boost the effectiveness of monetary policy. But are these surprises what India’s economy really needs?.........
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