......This begs the question of whether rates can be cut if inflation remains high? Of course not. This is why Delhi needs to adopt the Urjit Patel committee's proposed inflation targeting framework to contain inflation expectations. In any case, there has been popular support for an inflation mandate for RBI ever since C Rangarajan's tightening brought inflation down to five per cent annually from eight per cent in the mid-1990s. Yet, given supply shocks, the inflation target itself needs to be sufficiently flexible to work. While ........
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