.......Monetary
policy, says the communiqué, should focus on domestic
inflation-targeting without strangling growth. This is a tough call, as
Reserve Bank Governor Duvvuri
Subbarao knows. When prices are persistently high, he is blamed for
doing too little with interest rates; when rates are hiked, he is
berated for keeping them too high and squeezing growth. In this debate,
it is forgotten that..............
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