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In a sudden and unexpected move the RBI Governor himself removed himself from the race for an extension to his tenure. It is clear from his letter to employees that he was keen to do more but the situation demanded that he leaves. This just goes to prove how it’s tough for Non Bureaucrats and Non Political people to survive in roles, even though constitutional based on pure merit. That said a chapter is over and the next one will start. Key for us is to analyse what lies ahead.

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Excessively tight monetary policy at a time when it is unwarranted, is slowing down economic recovery, job creation and also reducing Indian manufacturing's competitiveness as the cost of capital in India is much higher than other competing countries.The need of the hour is to boost growth and reduce joblessness in the economy, which is reaching alarming proportions.

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Mkts are likely to open in red on back of weak global cues

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