Governor Shaktikanta Das on Friday refuted criticism of the RBI being behind the curve in its policies, making it clear that the consequences of focusing on the 4 per cent inflation target would have been "disastrous" for the pandemic-hit economy.
In comments that came two days after former Chief Economic Advisor Arvind Subramanian co-authored an article blaming the RBI for acting late on inflation and being behind the curve, Das said the central bank acted as per the evolving economic developments and also gave out a timeline of its actions to explain the shift.
"…tolerance of a higher inflation during the pandemic
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First Published: Jun 17 2022 | 4:58 PM IST