....The Urjit Patel Report on ‘Strengthening the Monetary Policy Framework’ has provided yeoman service by taking an unequivocal stand that the first step is to shift the monetary policy indicator to the Consumer Price Index ( CPI). The criticism of the report is that food items have a 50 per cent weightage in the CPI and that the RBI, by focusing on the CPI, is using an indicator it cannot control. The critics miss the point that the CPI better tracks the consumption pattern of the masses. Moreover, it is not generally appreciated that food inflation invariably degenerates into generalised inflation. Generalised inflation is, and always is,......
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