"The Indian economy was hurtling towards a crisis," said former finance minister and National Vice President of the Trinamool Congress Yashwant Sinha on the RBI hiking lending rates on Wednesday. "The RBI didn't take necessary steps when they reviewed the monetary policy last time, and this time, they were left with no option but to tighten monetary policy. For any central bank, fighting inflation is the most important responsibility. Even if growth has to be sacrificed, so be it."
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