.........................What is more important is that the Indian central bank has credibility about its ability to control inflation. In his conference with economists after he announced the new monetary policy last week, Raghuram Rajan did well to point this out: “My sense is that for the most part we would be driven by domestic conditions rather than external conditions in determining the interest rate, which is precisely why we are fighting very hard to build inflation credibility, because I think once you get some inflation credibility it gives you................
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