US Federal Reserve Chairman Ben Bernanke's statement appears to have caused a free fall in the value of the rupee, or so the Reserve Bank of India would have us believe. But the value of the rupee vis-à-vis the dollar has been declining since August 2011. The economy will have to settle for a protracted slow growth or high growth with high infl ation. Else we will have to consider a radical reorientation of policy.
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