......RBI has done well in recent years to steer clear of the discredited global consensus that central banks should focus on just inflation control through the manipulation of short-term interest rates. Indian monetary policy has been more eclectic for good reason, focusing on other issues such as growth, financial stability and the exchange rate as well. But there have been times when this eclecticism has been overdone. Some of the more bitter critics of the Indian central bank also claim that it has essentially kept shifting the goal posts so as to evade responsibility for the failure to control inflation..............
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