The Fall and Rise of a Merchant STORY 8

In a city called Vardhamana, lived a very dexterous(efficient,कुशल) and felicitous(prosperous,संपन्न) merchant. 

The king was aware of his abilities, and therefore made him the administrator of the kingdom. 

With his efficient and astute(intelligent,बुद्धिमान) ways, he kept common man very happy, and at the same time he impressed the king on the other side. Such a person, who can keep everybody happy, is rarely found. 

Later, there came a time that the merchant's daughter was getting married. He arranged for a opulent(lavish,खर्चीला) reception. 

The merchant not only invited the king and the queen, who obliged by attending, but he also invited the exhaustive(entire,सम्पूर्ण) royal household and all respected people of the kingdom. 

During the reception, he ensured to provide his guests with the best of treatments. He gave out gifts to guests to show them respect for attending to his invitation. 

A servant of the royal household, who used to sweep the palace, was not invited but attended the reception. 

He took a seat which was reserved for royal nobles, not meant for common invitees. 

This made the merchant very disgruntled(angry,गुस्सा). He caught him by the neck and ordered his servants to have him thrown out. 

The royal servant felt very insulted, and could not sleep all night. He thought, "If I can have the king to disfavour this merchant, I will have my vengeance(revenge,बदला). But what can I, a common fellow, do to detriment(harm,हानि) a egregious(powerful,प्रबल) person as him". Thinking such, he abruptly(suddenly,एकायक) had a plan. 

Several days later, the servant was sweeping the floor near the king's bed early in the morning. He observed that that the king was still in bed, half awake. The servant started mumbling, "Good heavens! The merchant has become so nonchalant(carefree,लापरवाह) now that he dared to embrace the queen!" 

When the king heard this lying in his bed, he jumped up and asked the servant, "Is it true? Have you seen the merchant embrace my queen yourself?" 

The servant at once fell at the king's feet, "O Master, I was gambling all night. I feel drowsy for I didn't sleep last night. I don't know what I have been mumbling, but I said anything fallacious(improper,अनुचित), please forgive me." 

The king spoke no more, but the servant knew he had sowed the seed of distrust. The king thought, "It can be true! The servant moves about the palace freely, and so does the merchant. It is feasible(possible,संभव) that the servant has seen something." 

The king was troubled with jealousy. From that day onwards, he withdrew his favours from the merchant and even forbade him to enter the palace. 

One day, when the merchant was entering the gateway to the palace, he was stopped by the guards. The merchant was surprised due to this sudden change in the king's attitude. 

The servant was nearby, and mocking shouted at the guards, "Ho Guards! That merchant is favoured by the king. He is a powerful person. He can have people arrested or released or even thrown out, just like he had me thrown out of his daughter's reception. Beware, for you may suffer the same fate." 

On hearing this, the merchant understood that the servant has caused all this trouble somehow. He felt melancholic(dejected,उदास), and returned home upset over the incident. 

He gave everything a second thought, and then he invited the royal servant to his house. He treated the servant with utmost respect, and flattered him with gifts and garments. He said kindly, "O friend, that day I did not have you thrown out due to anger, but it was improper of you to occupy the seat reserved for the royal nobles. They felt insulted, and out of compulsion I had to throw you out. Please forgive me." 

The servant was already flattered with all the gifts, and he was full of joy, "Sir, I forgive you. You have not only expressed your regrets, but also honoured me with utmost respect". 

He ensured the merchant, "I will prove you how clever I am. I will have the king favourable towards you, like he was before". The servant went back home. 

Early next morning, when he started sweeping the floors of the palace, he waited till when the king was lying half-awake. 

When the opportunity came, he started sweeping around his bed and started mumbling, "Our king is crazy, he eats cucumber in the lavatory!" 

On hearing this, the king was taken aback. He got up angrily and shouted at the servant, "What nonsense do you talk about? Had you not been by royal servant, I would have punished you dearly. Have you ever seen me doing such thing yourself?" 

Once again the servant fell on his knees and prayed, "O Master, please forgive me if I said something improper. I was gambling all last night and didn't sleep. I feel drowsy and I don't know what I have been mumbling." 

The king thought to himself, "I have never eaten a cucumber in the lavatory. What he mumbled about me is ridiculously false. Surely then, what he mumbled about my trusted merchant the other morning must have been ridiculously false too. It was improper of me to mistreat the merchant." 

He wondered, "After all he has been so efficient in the whole administrative system, that without him it has become slack." 

Thus, having considered carefully, the king invited the merchant to the palace and flattered him with gifts, jewels and garments. He re-appointed the merchant to his previously held position, and favoured his services as before. 

The wise indeed say:
One should treat one and all, even the lowest, with respect.

CLICK HERE FOR STORY 7

Eklavya’s Loyalty. Story 4

This is the story of a long-gone era. In the realm(country,देश) of India, nearly five thousand years back, lived a boy named Eklavya, the son of a tribal chief in the forests of the kingdom- Hastinapura. Eklavya was a valorous(brave,साहसी), handsome boy. He was loved by all. But he was not happy.

His father saw that something troubled Eklavya. More than once he found his son lost deep in thought when other boys enjoyed the pleasures of hunting and playing. One day the father asked his son, Why are you so despondent(unhappy,नाखुश), Eklavya? Why don t you join your friends? Why are you not interested in hunting?

Father, I want to be an archer replied Eklavya, I want to become a disciple of the exalted(great,महान) Dronacharya, the great tutor of Archery in Hastinapura. His Gurukul is a necromantic(magical,जादुई) place where ordinary boys are turned into robust(mighty,सुद्रढ़) warriors.

Eklavya saw his father was reticence(silentमौन). He continued, Father, I know that we belong to the hunting tribe, but I want to be a combatant(warrior,योद्धा), father, not a mere hunter. So please allow me to leave home and become the disciple of  Dronacharya.  Eklavya’s father was troubled, for he knew that his son’s appetency(ambition,अभिलाषा) was not an easy one. But the chief was a loving father and he did not want to disavow(refuse,अस्वीकार) his only son’s wish. So the indulgent(kind,दयालु) man gave his blessings and sent his son on his way to Drona s Gurukul.  Eklavya set on his way. Soon he reached the part of the forest where Drona taught the princes of Hastinapur.

In those days, there was no such regime(system,प्रणाली) as a school, college, university or hostel. The only place where one could get some education was a Gurukul . A Gurukul (Guru refers to “teacher” or “master”, Kul refers to his domain, from the Sanskrit word kula, meaning extended family.) is a type of antiquated(ancientप्राचीन) Hindu school in India that is residential in nature with the shishyas or students and the guru or teacher living in proximity, many a time within the same house. 

Having said this much, let us now return to Eklavya. When the boy reached Dronacharya s Gurukul, he saw that it consisted of a congregation(group,समूह) of huts,  surrounded by trees and an archery yard. The disciples were practicing to shoot arrows with their bows and arrows in the yard. It was an alluring(engaging,मनोहर) sight. But Eklavya s eyes searched Drona. Where was he? Will he be able to see the man? Without Drona, all his purpose of coming here would be meaningless. But all his worries soon subsided. He did not have to wait for prolonged(long,लम्बा). There was the man standing near a tree busy instructing a boy, who was none else than the third Pandava prince Arjuna, as Eklavya came to know later. Though Eklavya had never seen Drona before, he put his guess at work. He went near Drona and bowed. The sage was astonished(surprised,चकित) to see a peculiar(strange,अजीब) boy addressing him. Who are you? he asked.

“Dronacharya, I am Eklavya, son of the Tribal Chief in the western part of the forests of Hastinapura.” Eklavya replied. “Please accept me as your disciple and teach me the wonderful art of Archery.”

Drona sighed. “Eklavya… if you are a tribal hunter, you must be a Shudra, the lowest social community according to the Vedic Caste System. I am a Brahmin, the highest caste in the kingdom. I cannot teach a Shudra boy” he said.

“And he’s also a Royal teacher,” interrupted Prince Arjuna. “Our Guru has been appointed by the King to train us, the princes and the highborn. How dare you come inside the Gurukul and seek him? Leave! NOW!” he spat out, looking disgruntled(enraged,खफा) that Eklavya had disturbed his practice.

Eklavya was stunned at Arjuna’s behavior. He himself was the son of the chief of his clan, but he never insulted anyone below him in such a way. He looked at Drona for some kind of support, but the sage remained tranquil(silent,चुप). The message was loud and explicit(clear,स्पष्ठ). Dronacharya also wanted him to leave. He refused to teach him.  The innocent tribal boy was deeply hurt by Drona’s refusal to teach him. “It’s not fair!” he thought miserably. “God has given knowledge to all, but man alone segregates(differentiates,अलग) his kind.”

He left the place with a broken heart and a bitter taste in his mouth. But it could not shatter his ambition to learn Archery. He was still as determined to learn Archery. “I may be a Shudra but does it make any difference?” thought he. ” I am as strong and ardent(zealous,उत्साही) as Drona’s princes and disciples. If I practice the art every day, I can surely become an archer.”

Eklavya reached his own forests and took some mud from a nearby river. He made a effigy(statue,पुतला) of Dronacharya and selected a secluded clearing in the forests to place it. Eklavya did this because he faithfully believed that if he practiced before his Guru, he would become an dexterous(able,दक्ष) archer. Thus, though his Guru relinquished(shunned,त्यागना) held him in high esteem and thought of him as his Guru.

Day after day, he took his bow and arrow, worshiped the statue of Drona and started practice. In time faith, courage and persistence(perseverance,हठ) transformed Eklavya the mere tribal hunter into Eklavya the extravagant(extraordinary,असाधारण) archer. Eklavya became an archer of exceptional prowess(skill,कौशल), superior even to Drona’s best pupil, Arjuna.

One day while Eklavya is practicing, he hears a dog barking. At first, the boy ignored the dog, but the continuous disturbance in his practice angered him. He stopped his practice and went towards the place where the dog was barking.  Before the dog could shut up or get out of the way, Eklavya fired seven arrows in precipitant(rapid,तेज़) succession to fill the dog’s mouth without injuring it. As a consequence(result,परिणाम), it roamed the forests with its mouth opened.

But Eklavya was not alone in his practice. He was oblivious(unaware,अनजान) of the fact that just some distance away, the Pandava princes were also present in that area of the forest. As fate would have it, that day, they had come with their teacher, Drona, who was instructing them about some finer points of archery by making them learn in the real-life condition of the open jungle.

As they were busy practicing, they abruptly(suddenly,अचानक) chanced upon the “stuffed” dog, and wonder who could have pulled off such a feat of archery. Drona was amazed too.”  Such an excellent aim can only come from a mighty archer.” he exclaimed. He told the Pandavas that if somebody was such a good archer then he surely needed to be met. The practice was stopped and together they began searching the forest for the one behind such amazing feat. They found a dark-skinned man dressed all in black, his body besmeared(involved,लिप्त) with filth and his hair in matted locks. It was Eklavya. Dronacharya went up to him.

“Your aim is truly remarkable!” Drona praised Eklavya, and asked, “From whom did you learn Archery?” Eklavya was thrilled to hear Drona’s praises.  How surprised he will be if he told Drona that he, in fact, was his Guru! “From you my Master.  You are my Guru,” Eklavya replied humbly.

“Your Guru? How can I be your Guru? I have never seen you before!” Drona exclaimed in surprise. But all of a sudden he remembered something. He remembered about an eager boy who had visited his Gurukul several months ago.”  Now I remember,” said he. “Are you not the same hunter boy whom I refused admission in my Gurukul some months back?”

“Yes, Dronacharya”, replied the boy. “After I left your Gurukul, I came home and made a statue like you and worshiped it every day. I practiced before your image. You refused to teach me, but your statue did not. Thanks to it, I have become a good archer.”

Hearing this, Arjuna became angry. “But you promised me that you’d make me the best archer in the world!” he accused Drona. “Now how can that be? Now a common hunter has become better than me!”

The other princes remembered their master frequently praising Arjuna that he had enormous(immense,अपार) talent and will be the greatest archer in the kingdom. They waited with bated breath. What will their teacher do now?

Unable to answer Arjuna’s question, Drona remained silent. The sage too was upset that his promise to Prince Arjuna was not going to be fulfilled. He was also angry with Eklavya for disobeying him. So the sage planned to punish Eklavya.  “Where is your guru dakhsina? You have to give me a gift for your training,” the sage demanded. He had finally found a way to make Eklavya suffer for his disobedience.

Eklavya was overjoyed. A guru dakshina was the voluntary fee or gift offered by a disciple to his guru at the end of his training. The guru-shishya parampara, i.e. the teacher-student tradition, was a hallowed tradition in Hinduism. At the end of a shishya’s study, the guru asks for a “guru dakshina,” since a guru does not take fees. A guru dakshina is the final offering from a student to the guru before leaving the ashram. The teacher may ask for something or nothing at all.

“Dronacharya, I’ll be the happiest person on earth to serve you. Ask me anything and I will offer it to you as my guru dhakshina “he said. “I might ask something you don’t like to give me. What if you refuse the dhakshina I want?”  Drona asked cunningly.

Eklavya was shocked. It was considered a grave insult and a great sin if a guru’s dakshina was refused. “No! How can I, teacher? I am not that ungrateful.  I’ll never refuse anything you ask, Dronacharya,” promised the unsuspecting boy.

Drona did not wait anymore. “Eklavya, I seek to have your right-hand thumb as my guru dhakshina” he declared. Silence befell on everyone. Everyone was shocked, even Arjuna. He looked at his teacher in horror and disbelief. How could their teacher make such a   demand? That too, from a mere boy?

For a moment Eklavya stood silent. Without his thumb, he could never shoot arrows again. But the teacher must be satisfied. “Ok Gurudev as you wish”, said he. Then, without the slightest reluctation(hesitation,झिझक), Eklavya drew out his knife and cut his thumb!  The prince gasped at Eklavya’s act of bravery. But the tribal boy betrayed no signs of anguish(pain,दर्द) and held out his severed thumb to Dronacharya.

“Here is my guru Dakshina, Drona”, Ekalavya said. “I am happy that you have made me your disciple, even if I’m a mere Shudra hunter.”

The sage was humbled. He blessed the young archer for his courage. “Eklavya, even without your thumb, you’ll be known as a great archer. I bless you that you will be remembered forever for your loyalty to your guru,” Drona declared and left the forests. He was moved and grieved at his own action. But he was content that his promise to Arjuna was not broken. The Gods blessed Eklavya from above.

But despite his handicap, Eklavya continued to practice archery. How could he do so? When one is dedicated, one can make even mountains bow. With practice, Eklavya could shoot arrows with his index and middle finger and he became a greater archer than he was ever before. His renown spread far and wide. When Drona came to know this, he blessed the boy silently and begged for divine forgiveness.

And true to Drona’s blessing, Eklavya is still praised as the most loyal and brave student in the epic of Mahabharata.

click here for story three

PENURIOUS

 Penurious (Adj):-  lacking money; excessively unwilling to spend, not having enough money to pay for necessities.

Synonyms: parsimonious, hard up, impecunious, in straitened circumstances, penniless, pinched

Uses:- Government assistance is available for penurious families who cannot afford to purchase food.

-Because jonny is in penurious circumstances, he has been obtaining his meals from a soup kitchen.

-when reena lost her job, she found herself in the penurious situation of not being able to pay her rent.

Amnesty by another name

The Income Declaration Scheme (IDS) announced in the 2016-17 budget closed on September 30, after remaining open since June 1. The finance ministry has announced that 64,275 people have come forward to declare Rs 65,250 crore of black money. This is the largest amount declared as black money in the history of Indian taxation. Naturally, the government claims this to be a big achievement, more so since the response in the first three months was tepid(slow,मंद).

The average amount of black income per declaration is about Rs one crore. This is indeed low when there is daily news about people being caught with hundreds of crores of rupees of black incomes. It is likely that either the big earners of black incomes have not come forward or declared a negligible part of their black money. It is reported that the income tax officers pressurised people under their charge to make declarations in the last three weeks. So, either they coerced(forced,मजबूर) the small fries, or the big fellows declared a miniscule(small,छोटा) amount. Also, many of the black income earners do not pay any tax. So they do not come under any income tax circle and, therefore, would not have been under any pressure.

The last disclosure scheme was announced in 1997 — the Voluntary Disclosure of Income Scheme. Under it Rs 33,000 crore was declared and tax of about Rs 10,000 crore was collected. The 2016 scheme is also a “voluntary” programme, even though it is not called that. The 1997 scheme was called an amnesty scheme because of the low tax that had to be paid. But this time, it is not referred to as an amnesty because a higher rate of tax is being charged. The government had also given an undertaking to the Supreme Court in 1997 that it would not initiate any more amnesty schemes. The reason being that an amnesty scheme is unfair to the honest tax payers while those evading(remain,बचे) taxation get a concession for declaring their past income.

But the IDS is also an amnesty scheme because the penalty charged under it is less than what was being charged for tax evasion before the scheme was launched. Before June 2016, if a person’s income was found to be black, the penalty was 100 per cent to 300 per cent of the tax evaded. Since the tax rate is 30 per cent, the penalty worked out to 30 per cent to 90 per cent of the income evaded; under the IDS, the penalty is 15 per cent of the income. In this sense, the IDS runs counter to the government’s commitment to the Supreme Court in 1997.

The comparison of the 1997 and the 2016 schemes does not show the latter in a favourable light. This author estimates the current size of the black economy at 60 per cent of the GDP; at current prices, it would be Rs 90 lakh crore in 2016-17. Thus, what has been declared is roughly 0.7 per cent of the black income generated this year. The declarations under the 1997 scheme was roughly five per cent of the black income generated that year.

From the black incomes generated every year, a part is consumed and the rest saved. Over time, the accumulated savings become much larger than the annual income. For the rich, the savings from incomes are high, so the black wealth accumulated is much larger than their annual black incomes. Data suggests that only a small part of these black savings are declared under the amnesty/declaration schemes. Thus, barely 0.2-0.3 per cent of the black wealth has been declared in the 2016 scheme. The number of declarations in 1997 was over four lakh; now, surprisingly, it is a sixth of this number. The number of businesses, professionals, corrupt officials and politicians has risen over time. So, the number of people with substantial black incomes and wealth should have been several times the number in 1997. Even if it is assumed that the top one per cent of the population generates substantial black incomes, the numbers should have been close to 13 million.

The government has announced that it would not reveal any of the data collected through the scheme to any agency; not even the CAG. This is strange since CAG is a statutory body with powers to audit the accounts of the government. It is the CAG that pointed to the various infirmities in the 1997 scheme. Giving data to the CAG does not violate any confidentiality.

It needs to be assessed whether those declaring their black incomes are doing so correctly. They could be misdeclaring their recently purchased gold as that bought 20 years ago at one tenth the cost and thereby turning 90 per cent of their black wealth into white. Only an assessment by an independent auditor will help unearth such manipulations.

There can be several reasons why the IDS has garnered(collect,इकठा) much less than it should have. If “round tripping” can be done at five per cent to 10 per cent of the amount of the funds, why pay 45 per cent under the IDS? Further, if the government, promises not to resort to vigorous(healthy,जोरदार) pursuit of businessmen — under “ease of doing business” — they may be under no pressure to come clean. A person who has hoarded black wealth can only be caught in a raid; such a person will not declare black wealth voluntarily unless there is a cost to not declaring. The “success” of the IDS scheme in the last three weeks also suggests that if the income tax department applies pressure, black money can be unearthed. The government seems to be trapped between unearthing black money and not applying pressure on businesses. Why this dilemma(uncertainty,दुविधा)

?

courtesy:indian express
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No proof required: A data dependent MPC

The recent decision by the Monetary Policy Committee (MPC) to lower the repo rate by 25 bps to 6.25 per cent has been met with criticism and skepticism(doubt,संशयवाद). Some analysts have gone as far as to assert that there has been faulty judgment.

This criticism and commentary is all part of a healthy democratic system. Also fair is that some critics (like myself) find fault with the criticism of the critics, and even find it unfair. As it happens, I also think that the RBI-MPC is unnecessarily using some very faulty tools. Just to put my cards on the table, I believe that the MPC and RBI Governor Urjit Patel have reached the best decision that was possible with the data they had. Historically, except for occasional lapses, the RBI has been a data dependent institution, and it is encouraging to see that the tradition is being strongly reinforced(strengthen,मजबूत) by the MPC.

Questioning of the MPC decision has proceeded along the following lines: First, and most importantly, that the inflation rate is too high to warrant a rate cut. The last four year-on-year headline inflation numbers have been as follows: 5.5 (April 2016), 5.8, 6.1 and 5.1 per cent (August 2016). The target of the RBI is five per cent for March 2017. So how can the MPC cut rates now, and that also with a unanimous(united,एकमत) vote?
Surely, and unlike Raghuram Rajan, the MPC is giving in to political pressure (Ministry of Finance) and major corporates (who always want interest rates to be cut). Further, the MPC is emphasising growth over inflation, that is, they have all turned doves.

It is likely that the unfortunate manner in which Rajan was not reappointed is colouring perceptions and interpretations of many commentators. For the fact remains that rather than being different than Rajan, the MPC (and Patel and RBI) are doing what Rajan would have done. How do we know that?

We know that from the second criticism by the “experts”. A popular conclusion of the experts is that the RBI has softened because it has reduced the real policy rate range from 1.5-2 per cent to 1.25 percent, that is the RBI was now targeting a 1.25 percentage points gap between the repo rate and CPI inflation. This was articulated(expressed,उल्लेख) by MPC RBI member Michael Patra in the press conference following the MPC decision.
So the experts are right in stating that the real policy rate is now 1.25 per cent.

But the experts are very wrong in deducing(conclusion,निष्कर्ष) that this is a change in policy. Look at the following headline after the June policy meeting of the RBI under Rajan: “Will have room to cut rates if inflation stays at 5 per cent” (IE, June 9). The article goes on to quote Rajan: “If we get confident of achieving five per cent inflation target by March 2017, then we will get more space to cut.” What the RBI and MPC did on October 4 was a continuation of the RBI policy. There has been enough data on food prices, especially of pulses (and fruits and vegetables), to suggest that the next six-month course of such prices is at best stable at current levels, and likely to be lower because of the influence of good weather and increased acreage, and prospects of higher yields(return,मुनाफा), for an “inflation-elastic” crop like pulses.

This assessment, and forecast, has no relationship with being dovish, or looking at growth more than inflation, or giving in to the demands of industrialists and/or the Ministry of Finance. Indeed, if the MPC members had not unanimously agreed to cut rates, they would likely have had egg (and worse) on their faces next week when the CPI data for September is scheduled to be released — a figure around 4.3 per cent year-on-year headline inflation will not be entirely surprising. The simple point is all of us are rightly expecting the MPC to be responsible — and when they do act responsibly, by cutting rates in the face of considerable evidence, let us not besmirch(disgrace,गन्दा) their honour, or intelligence, by attributing to them false motives.

But the MPC has room to improve. A central feature of all inflation targeting regimes, and all bankers, and all economists, is that the key to lowering inflation rates is the lowering of inflation expectations. In the case of already low inflation, the goal is to keep expectations stable. And as we now know for some developed economies (Japan, Europe), the key to successful monetary policy is to raise inflationary expectations.
In the first MPC-RBI policy statement, one finds the following statement on inflationary expectations, and how important and influential they are: “Households reacted to the recent hardening of food inflation adaptively and raised their inflation expectations in the September 2016 round of the Reserve Bank’s inflation expectations survey of households.”

Given the importance of inflationary expectations, one would think, and believe, that central bankers would strive to make sure that they measure properly such expectations. Or at least measure them to the best of their ability. It is not clear that the RBI has ever fulfilled this mandate. In January 2015, at the beginning of this rate-cut cycle, the RBI cited(mentioned,उल्लेख)the results of its most recent inflation expectation survey (RBI-IES, December 2015), as supportive of a rate cut (25 bps from 8 to 7.75 per cent). This survey had shown a decline in one year forward expectations to 9.3 per cent from 13.5 per cent at the end of the previous quarter (September 2015). I had this to say: “Since when was high expectation of inflation of nine per cent low enough to warrant a rate cut? I fully agree that interest rates should be cut — but not because a junk RBI survey shows a decline in inflation expectations to a high nine per cent level. Better to junk junk than to offer it as an explanation — it makes all of us look bad”.

One and a half years later, and with an MPC in place, there is no change in this one bad habit of the RBI — the bad habit of using a junk survey, a junk result, to justify its otherwise very sound reasoning. Don’t take my word, or believe me, but do peruse(think,सोचना) the chart. There are two lines in the chart — actual year-on-year CPI inflation for each quarter, and the year ago forward expectation for the same quarter. For example, at the time Rajan cited the junk survey in January 2015, year-on-year inflation in 2014Q4 was 4.1 per cent. The forecast of the junk survey for this same quarter was 13.5 per cent!

Note also that there is no learning by doing on the part of the survey respondents. As inflation has declined, the forecast error (gap between forecast and actual) has widened, and to a near double-digit magnitude. It is intellectually embarrassing to even report these data, let alone use it.

The MPC is a new and progressive institution. The reasoning behind the vote, and the vote, of each MPC member will be made public 14 days after each meeting. We already know that it was a unanimous vote to cut. Let us hope that none of the members cite junk inflationary expectations.

courtesy:indian express
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