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India's Economy On Recovery Mode, Says Finance Minister
10/26/2009 1:08 AM ET
(RTTNews) -
India's Finance Minister Pranab Mukherjee on Sunday said the economy is slowly recovering. The minister added that a dramatic outcome cannot be expected immediately and that it would take some time, reported the media.
The minister said that he is for a rational interest rate policy moving in tandem with the fiscal measures taken by the government to encourage the economy. He further said that the outcome of the measures taken by the government could be witnessed only by the end of November.
He also said that the fiscal policy and monetary policy should move in tandem and not be contradictory. However, he refused to comment on whether he is for a tight monetary policy saying it would be premature to comment on, before a meeting with RBI Governor D Subbarao.
The Reserve Bank of India's second quarterly review of the monetary policy is scheduled to be held on October 27. The apex bank has been adopting a soft monetary policy unlocking banking sector funds to boost the economy.
by RTT Staff Writer
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