The Reserve Bank's mission impossible?

............In the past, the job of the Reserve Bank of India (RBI) Governor tended to be relatively easy because delivering on RBI's mandate of low inflation commanded political and social support. The interests of North Block and Mint Road were broadly aligned. But the growth boom of the 2000s changed all that. Pursuing growth was privileged over slaying high inflation. In August last year, when growth began to fall below 5 to 6 per cent and, critically, when this deceleration began to seem more permanent, panic galvanised policymakers into reform action. But high and sustained inflation has never elicited a comparably robust policy response..........

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