........There are, in my opinion, two things that the RBI needs to do at this stage. First, it needs to give some indication of both the levels of the two inflation rates that it wants to target and the weights that it wishes to assign to each of the two rates. It should also emphasise - and this is the important bit - that these are essentially medium- or long-term targets and in the near term the central bank is unlikely to follow a mechanical ("keep hiking rates until the target is reached") approach. Thus, it would also factor..............
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