.......... After a lifetime spent in the study and dissemination of such dogma — which incidentally has no relevance to the needs of an economy such as India — it was somewhat adventurous for the pink press to believe that the new RBI Governor would differ from his predecessor's policy of seeing the Economist magazine as the fountainhead of wisdom. Even a cursory knowledge of economics as applicable to India would show that raising interest rates does nothing to reduce the rate of inflation..................
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