The RBI’s all-too-frequent monetary policy reviews attract a lot of attention. The next one is due on October 6. The bonderatti are agog.
Usually, however, the people who focus on them forget that central banking is as much a political activity as an economic one.
That’s why the word ‘recovery’ in the economic context has taken on a political complexion lately, mostly because people treat it as a stock concept while it is, in fact, a flow.
A recovery is an act in motion. While it is in progress, its existence cannot be denied just because it has
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