.........In
its latest monetary policy announcement, the RBI has surprised markets
by increasing the repo rate on concerns over inflation. Many experts and
business groups have criticised the RBI as they assert that inflation
is related to supply-side factors — especially in the food sector — and,
therefore, tighter monetary policy will have little effect on it.
Tighter monetary policy will only hurt growth without helping control
inflation. A complicating factor peculiar to India is the multiplicity of inflation rates...........
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