A week ahead of the monetary policy review by RBI, World Bank Chief Economist Kaushik Basu today called for an "experimental" approach to the interest rate setting process. "Monetary policy is a very cloudy area and I have felt that we should be more experimental," the former chief economic adviser to the government said here. RBI Governor Raghuram Rajan, a monetary economist who is considered an inflation hawk, will announce the first bi-monthly monetary policy review of the new fiscal on April 5. The policy comes amidst inflation remaining under control and the Budget sticking to the previously set fiscal roadmap. It also comes within weeks of government slashing small savings rates by up to 60 bps, which will help banks bring down deposit as well as lending rates.
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