Step-up in rate hikes was warranted: RBI’s Mohanty

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Deepak Mohanty, an executive director at the Reserve Bank of India, on Saturday explained the central bank's decision to hike interest rates aggressively in 2011.

At the Indian Institute of Technology in Guwahati, India, Mohanty said: "Given the high global commodity prices and their likelihood to remain firm, the threat to price stability from global inflation continues to persist. The faster-than-expected increase in core inflation suggested high inflation was becoming increasingly persistent

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