Without a reversal of the so called ‘Make in India’ and ‘Digital India’ projects with their heavy export-foreign market orientation and domestic distortion that go against the very concept of an ‘inward-looking’, ‘domestic-market oriented’ strategy of development, a liberal monetary policy as announced by the RBI now will lead only to further boosting of the speculative bubble coupled with inflation at the expense of employment generating productive sectors of the economy. In that sense, the RBI announcement reducing interest rate is a mere window dressing to hoodwink the masses while appeasing the corporate speculators.
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