........This is the backdrop in which the mid-quarter monetary policy decision will be taken next week. Going by Reserve Bank of India Governor Raghuram Rajan's statements over the past three months, the dominant consideration will be the acceleration in inflation, including the hardening of the core; on this basis, another hike in the repo rate now becomes the most likely outcome. The deceleration in industrial production may provide a basis for maintaining the status quo, but Dr Rajan will likely see a risk here of signalling an acceptance of an inflation threshold of 11 per cent plus - which could be acceptable to him only if ...............
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