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Fiscal imbalances also have their external counterparts. (Illustration by Sashi Kumar)

No space for an inadvertent confluence of fiscal, regulatory, monetary easing

Policymakers have done well in the last few years to ensure macroeconomic stability. They must not now give in to the clamour for fiscal, monetary and regulatory easing.

Sajjid Z. Chinoy

The economic narrative in India has rapidly evolved. As recently as October, the policy was focused squarely on preserving macroeconomic stability as external imbalances rose to unsustainable levels and the rupee came under relentless pressure. With global crude prices collapsing since then and domestic food prices remaining exceptionally benign, stability concerns have receded.

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