The Reserve Bank of India’s stated rationale for its recent surprise monetary tightening was to rein in inflation in a rapidly growing economy. However, many other motives are being ascribed to what is being called a “sledgehammer” move. Monetary policy can take up to six months to have an impact, but the current pace of tightening is unprecedented in India. Speculation over the real reason for the rate hikes ranges from political pressures to check inflation to the RBI’s dilemma in...
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