Best of BS Opinion: The RBI's current policy framework has worked well

Today's Opinion Page looks at the RBI's recent discussion paper on inflation targeting, OpenAI's plans for India, the role of institutions in growth, and the recent GST rate cuts boost to growth

The Reserve Bank of India, in a recent discussion paper, has questioned its own current inflation targeting models, and wondered if they should be altered or replaced with other options. Our first editorial argues that it would be appropriate to keep the existing framework until empirically proven otherwise. For starters, whether headline or core inflation should be considered while setting monetary policy, the editorial goes with the first, saying that ignoring food inflation in India would be a disservice to the millions for whom it is the major share of household expenses and that it remains a better gauge