......But all this should not warrant any thought that the economy was back on the growth path. It is not. Fortunately, most economic players do not expect that Rajan has too many options to effect major changes in the monetary policy. A survey of economic pundits by a pink paper revealed that there is near unanimity that the time is not ripe for a reduction in the policy rate. Inflation, especially food inflation, continues to hover close to double- digits. Besides, the modest currency appreciation does not in any way suggest that the pressure on it is off..........
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