Updated Sept. 3, 2014 5:34 p.m. ET
MUMBAI—When advisers to the Reserve Bank of India gathered in January, the mood was bleak. They agreed growth was "weak" and risks persisted, with "no green shoots in sight," according to an official meeting summary. Despite rising inflation, four of 11 committee members said the central bank should avoid raising interest rates. Two others advocated more stimulus, either through rate cuts or direct payments to struggling...
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