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If one sees the Indian economy in the context of the global economy, 2023 has the makings of the year when India started its ascent towards becoming a developed country. But any close inquiry of India’s achievements reveals a far more complex picture.
How can RBI be so far behind achieving its inflation target of 4% and yet be so comfortable as to pause rate hikes when there’s no clear evidence that inflation is no longer a concern?
RBI hopes that a higher EMI on an existing loan or a costlier new loan would dissuade enough people from borrowing money to fund future economic activity