RBI’s mother-in-law syndrome

...........RBI is expected to take steps to ensure that the economy is firmly on a growth path even though it cannot afford to lose sight of the inflation threat. In this context, once again, the RBI policy document has expressed the central bank’s helplessness—it alone cannot do anything unless the government takes care of supply-side constraints, particularly in the food and infrastructure sectors, and addresses critical governance issues, besides reining in the fiscal deficit. Subbarao has been saying this for years now, like a nagging mother-in-law. The government has been pretending to listen, but unless it seriously addresses these issues, inflation will once again raise its hydra head and growth will be stymied.........

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