Subbarao isn’t an isolated hawk on inflation anymore

.....A caveat is in order: the TAC is only an advisory group and the RBI Governor is not bound to listen to it. What is important here is that this advisory group has shifted its position from what it was advocating last year  – when it was tilting towards growth – and moved closer to Subbarao’s own assessment of the need to douse inflationary-expectations and giving it priority over growth. From a position where the Governor was more hawkish than TAC, both Governor and TAC are now moving in tandem, with the government found wanting in anti-inflationary zeal....... 

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