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America s $1.9 trillion rescue package could throw a spanner in RBI s recovery plans SECTIONS Share Synopsis In India, the government is following a borrow-to-grow strategy but the RBI, while helping keep the government’s borrowing cost low, is geared to keep inflation under control. The contradictory impulses would be tough to balance. Agencies Rural fuel inflation rate since February 2020 averaged only about 1% but urban fuel prices rose at a rate of about 7%. The government will soon give the Reserve Bank of India (RBI) its inflation target for five years beginning April 1. The RBI, which is an inflation-targeting central bank, is currently tasked with keeping retail inflation at 4%, with an upper and lower tolerance limit of 2 percentage points. The central bank has indicated that it would prefer to continue with that target for the next five years as well.

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