With Arun Jaitley padding up for the budget, Raghuram Rajan sidesteps interest rate googly

In the first bi-monthly monetary policy review of the 2016 calendar year—and the last before this year’s budget is presented in end-February—Reserve Bank of India (RBI) governor Raghuram Rajan decided to keep key interest rates unchanged.

“The Indian economy is currently being viewed as a beacon of stability because of the steady disinflation, a modest current account deficit and commitment to fiscal rectitude. This needs to be maintained so that the foundations of stable and...

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