Reserve Bank, refocus, Indian Express, 28 December 2011

When the world economy faced a crisis in 2008, India
prided itself on escaping relatively unhurt. Now that the Indian
economy is slowing down, owing to both the impact of the global
slowdown and uncertainty, and the policy framework in the domestic
economy, a part of the blame is being put on monetary policy. It is
claimed that monetary policy is excessively tight and has caused the
decline in investment. It is further argued that a cut in interest
rates will solve the problems of the Indian economy and push up
growth.