The central bank should stay focused on growth, and not be sidetracked by inflation, which remains stubbornly untamed. It is the government that has to act to contain inflation , and some of the requisite action involves greater, rather than curtailed, investment, calling for accommodative monetary policy. Inflation in September has turned out to be marginally higher than in the previous month. Most people conclude from this that the RBI has now no room to lower its policy rates. The conclusion is gross, pun intended . A disaggregated view of prices would lead to a different conclusion........
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