The Reserve Bank of India has raised the Cash Reserve Ratio, CRR by 75 basis points to 5.75 per cent. In its third quarter review of Monetary Policy 2009-10, the RBI has decided to keep the Repo Rate and Reverse Repo Rate unchanged. Expressing huge concern over the rising food prices and the spillover of Wholesale Price Index inflation to other sectors, RBI Governor D Subbarao said in Mumbai that the process of recovery and normalization has to start with liquidity absorption. Dr. Subbarao said that assuming a near zero growth in agricultural production and continued recovery in industrial production and services sector activity, the baseline projection for GDP growth for 2009-10 can be raised to 7.5 per cent. Economist D.K.Joshi spoke to AIR on the new economic policy by the RBI.<br/> <br/>The markets yesterday ended in the green, almost discounting the 75 basis points hike in CRR, while banks have ruled out hike in interest rates following the RBI move.