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‘Bleak Macro Data Indicates FM Was Overoptimistic’

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February 28: Forex Expert AV Rajwade says there are too many question marks about the Indian economy. The dismal growth and fiscal deficit numbers indicate that the FM’s expectations were overoptimistic, he says. RBI may have to struggle to hold the rupee steady without more active participation in currency markets, he says, adding that the central bank’s responsibility will grow once elections are announced.