........So, what's the linkage between inflation numbers and optimism? India's rural population is now more fashionable and is willing to sacrifice consumption of consumer durables/non-durables (as reflected in the declining share of household requisites) to maintain such a lifestyle. If this is true, then obviously, there is a definite reason to celebrate with strong agricultural growth propelling rural demand this fiscal. However, the bad news is that such behaviour may also explain in part why India's core inflation is not declining fast enough and may not do so, however hard we may try.......
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