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Montek Singh Ahluwalia said the country was witnessing a decline in exports and investment demand.
Separately, Ahluwalia told a television channel that the RBI could cut the cash reserve requirement (CRR) and interest rates to add liquidity and help revive growth.
"That is certainly an instrument they can use, both CRR and interest rates," he said in the interview, a transcript of which was published in the Indian Express on Friday.
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