......Take, for instance, the goal of moderating inflation over the medium term while striving to reduce interest rates almost immediately. So far, the onus has been on the RBI although recently, all evidence points to inflation being driven up by high food prices and other supply side factors over which monetary policy has very little effect. The RBI has often been left to fight the inflation battle singlehandedly and without the support of fiscal policy. As expected, P. Chidambaram has put fiscal consolidation high on the agenda and promised a road map within the next few weeks.......
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