......The policy decision indicates that the RBI's internal models do not expect this to happen soon. The internal assumption must suggest that demand will stay low and will not rise for another couple of quarters, by which time monetary policy contraction will have had an effect. When the RBI adopts a proper monetary policy framework, which Rajan has asked Deputy Governor Urjit Patel to work on, we can expect to see a clear inflation target and a way to get there. .........
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