Duvvuri Subbarao, the former Reserve Bank of India governor, will probably have the last chuckle. On Tuesday, the finance ministry forecast inflation based on the wholesale price index (WPI) at anywhere between 6.5 and 7.2 per cent at the end of 2013-14 — a number that is streets ahead of the RBI’s projection of 5 per cent that was made in the first quarter monetary policy review on July 20. The forecast is also higher than the 5.5 per cent projected by the PM’s Economic Advisory Council headed by C. Rangarajan in its report last month. For over a year, the finance ministry under P. Chidambaram and Subbarao have clashed over the conduct of the monetary policy.........
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