.........C Rangarajan, Former RBI Governor said the objectives of monetary policy have been growth and price stability amongst others, but the latter should be given priority. He further clarifies, though the RBI is saying that inflation is at an uncomfortable level, there has to be an idea about the comfortable level. Essentially, that would force monetary authority towards targeting a single number and that according to Rangarajan, can be reached through an ideal price stability..............
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