....The RBI understands this as most policymakers would. But New Delhi must give the impression of acting and the only way it can do that is to get others to act — and pass the buck. For its part, the RBI sticks to its knitting and behaves accordingly. The statement it issued last week reminds us of the mandate it has: To consider, above all, inflation and, by implication, its deleterious impact on the entire economy.......
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