...Importantly, it is a bit naïve to think that the “monetary policy framework” committee will overlook the new-CPI’s limitations pointed out by the former RBI Governor as these are very specific: lack of robustness, dominance of supply side factors and inadequate data coverage for services’ price indices. Neither do these become irrelevant with change of guard at Mint Street, nor do they change colour to align with a new policy frame work! These are purely data limitations that must be addressed, without which a robust policy framework would lack credibility...........
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