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“We think that there is room to recalibrate and to provide more direct relief and spending support, which could have a first-order impact on preventing even worse outcomes,” Nabar said.
He noted that on the monetary policy side, the Reserve Bank of India (RBI) had come in very aggressively early on. “It has paused recently with its interest-rate cuts, looking through this inflation, the spike in inflation that they have had recently, but we believe there is more that the RBI can do, too, in terms of there is room to cut if needed, and we think that should be done once this inflation spike is more under control.”
The official concluded: “Together with these efforts, both on the fiscal side and the monetary side, we think that would put India on a path to recovery going forward… The Indian economy would be well placed to start recovering from this horrible crisis that it is experiencing right now.”
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