India's central bank needs to refocus on economic growth

RBI Gov. Das' emphasis on financial stability is counterproductive

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Credit-card debt has been growing rapidly in India: Signs suggest households are supplementing their income with loans, a sign of poor financial capacity. © AP

Karan Mehrishi is the author of "The India Collective: What India is Really All About" and the forthcoming "The Making of Monetary Policy in India: Imagining the Future."

In the eyes of Reserve Bank of India Gov. Shaktikanta Das, the key risk facing his country is financial instability.

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