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RBI Doesn’t Have A Magic Bullet: John Woods

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September 13: “It is difficult for the RBI, government to have policy flexibility before elections," says John Woods, Chief Investment Strategist at Citibank. The current policy is to draw down forex reserves, allowing rupee to weaken and existing policies to take effect, but market needs more positive measures on policy and growth, he says. “Recent RBI steps are stop-gap measures,” he says, adding that there is a downside risk to growth with many agencies downgrading their outlook.