........Bringing down inflation involves another dilemma. The Reserve Bank of India (RBI) has applied the conventional monetary tool to curb inflation - firming up interest rates - and has come to grief. Inflation has remained stubbornly high; it appeared to start coming down only recently. What has simultaneously happened is a fall in the growth rate - which is natural when you tighten money - which has, in turn, created fears of the onset of stagflation, a term that is being increasingly bandied about..............
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