........... “We now have the worst of both worlds — not just inflation on the one side or stagnation on the other, but both together. We have a sort of stagflation situation.” The “S” word, which he coined, is being mouthed with increasing frequency by India-watchers. It describes the current conditions pretty well. Inflation has been above the Reserve Bank of India’s (RBI’s) comfort zone for the past two years. It is unlikely to fall any time soon, given that the consumer price index was up 10.4 per cent in April 2012.......................
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