Missed Opportunity

Missed Opportunity THE monetary policy for the first half of 1993-94 announced by the Reserve Bank of India brings out the government's diffidence about the real state of the economy, the brave public postures notwithstanding. The situation called for bold and innovative steps to inspire confidence and provide an impetus to growth, but there is nothing in the Reserve Bank's policy pronouncement which may be expected to redress the self-inflicted damage wrought by the monetary and fiscal compression of the past two years.