..........It is probably too early to expect growth-stimulating cyclical monetary policy, but without growth, it is often difficult to tackle India’s other macro vulnerabilities. The focus is therefore likely to be on policies to promote financial development (a road map for liberalizing the banking system and opening up the capital account), which will in turn stimulate growth. Market is looking forward to Rajan’s openness to change things and the September policy could be the curtain-raiser.
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