............The RBI is clearly not willing to loosen policy as yet on misgivings about the effects of withdrawal of stimulus by the Fed and other central banks. Is the RBI misplaced in this belief and is it effectively postponing policy easing to stimulate domestic economic growth? India’s GDP grew 4.7% in fiscal 2013-14, up from 4.5 percent seen in fiscal 2012-13 but still close to decade-low growth rates. Demand drivers are absent as seen from negative growth in industrial production, manufacturing and consumer durables in the last fiscal. The new government at the centre led by Narendra Modi would want to put the economy back on track. However, it should address..........
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