MUMBAI / CHENNAI: The RBI has done what it was bound to do in a downturn: lower policy rates to invigorate the economy. Until Wednesday, all attention was on a rate cut, which alone seemed to be the cure.
GDP
growth was a pedestrian 6.1 per cent during the March quarter, private
investment an abysmal 5.8 per cent, export growth fell to 10.2 per cent
in June vs 18.3 per cent in March quarter, credit growth plunged and
fewer jobs were created.
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