India’s Rajan Says RBI Steps Don’t Signal Monetary Policy Shift

India’s steps this month to stabilize its currency should not be seen as indicating a forthcoming major shift in the central bank’s monetary policy stance, the Finance Ministry’s chief economic adviser said.

“These measures should be seen not as a precursor to a substantial change in monetary stance, which, thus far, has been on the easing side,” Raghuram Rajan, the top adviser in the finance ministry, said in an interview to Bloomberg India TV today. The steps taken so far should be sufficient, he said.