Skyrocketing food prices in India are hitting consumers hard. Prices for staples such as rice, pulses and tomatoes, essential items used in the preparation of most Indian dishes, have surged and making affording even necessities difficult for most Indians, who in any case paying over Rs 100 for a litre of petrol in many parts of the country.
In a speech interspersed with humour, the RBI Deputy Governor said that central bankers practise an appearance of "drab dullness which, they believe, conveys a sense of monetary stability".
Whose advice should Finance Minister Nirmala Sitharaman follow - RBI or Chief Economic Advisor?
The RBI working paper co-authored by RBI Deputy Governor Michael Debabrata Patra, who is also a member of the six-member monetary policy committee has recommended that maintaining the inflation target at 4 per cent is appropriate for the country
Anand Adhikari | February 19, 2021 | Updated 20:05 IST
Finance Minister Nirmala Sitharaman
In a span of just a month, there are two reports on inflation band and the composition which offers indirect advice to the government in reviewing the monetary policy committee (MPC) framework, which is due in March next month.