......At a launch function of a book written by I. G. Patel, one of RBI’s foremost economic administrators as well as being one of his distinguished predecessors, Governor Subbarao forcefully defended the RBI’s recent monetary stance, focussed as it has been on inflation control. Dr. Patel Patel had said in one of his articles: “The supreme test of monetary policy lies in its ability to control the supply of money in such a way that growth is checked without retarding growth”. That, as Dr. Subbarao pointed out, was the quintessential growth versus inflation debate that was being played out even today. Knowledgeable commentators have interpreted to mean that monetary policy must emphasise price stability......
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