In August, India’s economy was headed for a macro-economic crisis, its currency was in a free fall. Since the new Governor of the RBI took over, he has talked the economy back to a position where everyone is happy. What can be a better sign of normalcy than the Deputy Chairman of the Planning Commission having gone back to what he is best at: namely, telling us that, yes, inflation is high but it will come down next month? So what caused the near crisis? And have the causes gone away?...........
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