Reserve Bank of India's governor defends policy stance
The governor of the Reserve Bank of India, Duvvuri Subbarao, on June 19 defended the central bank's tight monetary policy from critics who said it was an inappropriate response to supply side shocks and slowing growth.
Speaking at the Indian Merchants' Chamber in Mumbai, Subbarao hit back at critics who argued that inflation in India was driven by supply side factors, rendering the central bank's interest rate policy ineffective. "If left unchecked, persistent inflation, no matter what the
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