Growth prospects are not good locally and while some amount of slowdown is inevitable, early policy changes can make a considerable difference. Clearly, RBI is now fully engaged on the interest rate issue. There may be some indications on this relatively soon. Structural reforms at a time of slowing tempo are great mood enhancers and, more, they do the ground work of a better recovery when the business cycle turns. As politicians start writing electoral futures contracts, that’s what they should remember.
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