......I
think the total policy under Rajan regime is going to be tighter than
what we saw under Subbarao regime. There has been a subtle evolution in
the reaction function of the RBI under the new leadership. The central
bank is now giving a lot of weight to retail price developments. RBI in
last five years has been rather numb nuts over the issue of food
inflation. RBI has set monetary policy stance largely according to
core-WPI developments. There has been a lack of...........
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