"Inflation targeting is fine for countries like the US and the UK. But we (India) are dependent on rain, import of oil from Gulf countries. In India, there is no point in setting inflation target," Jalan said at a function to release a book written by former RBI Governor Y V Reddy.
"What can the RBI do if food prices go up by 40 per cent as a result of monsoon failure?", Jalan questioned.
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