When the six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) discussed the bi-monthly review of the monetary stance in early June, there was a certain clarity among all observers. That’s because, since the April review, crude oil prices had registered a sharp jump.
Domestically, the composition of the factors driving inflation was changing in a worrisome manner as the consumer price index-based inflation (excluding food and fuel) rate had risen sharply. Internationally, too, the United States Federal Reserve was signalling a dearer money policy. Most growth ...
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