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C. Rangarajan, chairman of the prime minister's Economic Advisory Council, said on Wednesday that the Reserve Bank of India (RBI) should continue its accommodative policy unless inflationary pressures are very strong. As long as inflationary pressure remain moderate, the current monetary stance can continue, he said.
The central bank would first have to discontinue its open-market debt purchases, intended to inject liquidity into the system, before draining off excess money, he said. Rangarajan expects the headline inflation rate to inch up to 6% by the end of the current fiscal year.
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