.......Stating that there “is no empirical evidence to establish that the benefits of higher growth outweigh the cost of welfare loss associated with higher inflation,” the Governor felt that the context presented no sufficient condition for the RBI to revise its inflation goal. “The responsibility of the RBI is to anchor inflation expectations, and ensure price stability,” he said. “Neither theory nor empirical evidence presents a credible case for acquiescing in a new normal for inflation in India,” he made it clear.......
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