Researchers at the Reserve Bank of India (RBI) have delivered a stark warning against lowering interest rates in a bid to stimulate growth.
India has experienced – by its own standards – lacklustre growth since 2010, as annual GDP growth has gradually declined from 9.4%. In its latest quarterly review of monetary policy, published in July, the RBI lowered its growth forecast for 2013 from 5.7% to 5.5%.
When Raghuram Rajan takes over as governor of the RBI, on September 5, he will have to find a
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