Losing the battle

.....The central bank does not seem to be focusing on its main aim of “controlled expansion”; it has instead maintained its avowed focus on “controlling inflation”. Unfortunately, things are not happening the way the RBI desires. One is not sure whether the policy stand the RBI governor has taken in the recent monetary policy review will help control inflation. But it will certainly dampen sentiment. If addressing the causes of inflation is beyond the scope of monetary policy, as argued by the RBI governor, why isn’t anything being done to induce the sources of economic growth — the primary being the cheapening of the investment cost for productive economic activities?...... 

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