.......I don’t think rates will stay high for that long. If the fiscal deficit comes down to 3.5%, I’m sure the RBI (Reserve Bank of India) governor would be amenable to bringing down rates. Once the structural issues of inflation and fiscal deficit are sorted out, rates will come down. As soon as the government can deliver on the 4.1% fiscal deficit and if we can get some handle on food inflation. Definitely not for a year. But I don’t think interest rates not going down for another year is that important. Frankly,..............
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