.........Rajan’s decision to not aggressively deploy the wide latitude the apex bank enjoys in setting monetary policy, will be welcomed by a new government all set to work the nuts and bolts of a tenuous economy. The decision to hold interest rates will also push the onus onto the Modi government to further contain the fiscal and current account deficits through conservative fiscal spending. Rajan has made it clear that further policy tightening will not be warranted if the economy stays its course. However, this will require..........
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