ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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How RBI Has Missed the Bus

Growth versus Inflation

The Reserve Bank of India has at last reduced its discount rate at which it repurchases government securities from the commercial banks, the repo rate. The reduction, however, has been very small and has come very late. In pursuit of a notion of central bank independence, the RBI has taken steps that have contributed to a decline in investment and a slowdown in growth. It is time the central bank accepts once again that one of its main roles is to maintain the fl ow of credit to the productive sectors.

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