In the last one and a half months, a fierce debate is raging regarding the validity of RBI monetary policy actions against the backdrop of inflation numbers. RBI has given a new twist to this debate with the Governor recently espousing the need to develop a producer price index (PPI) and reiterating its position that increase in interest rates by RBI alone cannot explain the current investment slowdown. No prizes for guessing that we at Ficci would be on the other side of the debate. However, our endeavour in this piece is not to re-emphasise the relevance of a rate cut, but to open up a new area of debate by focusing on the rationality of the RBI policymaking............
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