Reading the fine print

The obsession with inflation and growth, and hence with interest rates, over the past many months has had one inevitable fallout: a matching obsession with what the Reserve Bank of India (RBI) calls Part A of its Monetary Policy statement. Almost all discussions that follow the RBI's Monetary Policy announcements are limited to this part of the statement - that discusses the central bank's monetary policy stance and its policy initiatives - virtually ignoring the second part, Part B. 

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