The high point of 2012 was Indian central bank’s resounding victory over inflation. After a three-year dogged fight, the Reserve Bank of India (RBI) was finally able to bottle the inflation genie that was hurting growth in Asia’s third largest economy, paving the way for an expansive monetary policy. The wholesale price inflation dropped to a decade low and retail inflation, though relatively high, slipped considerably. Most importantly, the so-called core inflation or the non-food, non-oil, manufacturing inflation dipped dramatically in mid-year and to the surprise of all of us, the final figures of inflation have always been lower than the provisional estimates. A confident RBI went for a deep rate cut..........
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