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Inflation: Sources, Challenges and Policy Options
Despite the range of monetarist, micro-behavioural and cost-push explanations for the recent episode of inflation that were presented at a seminar in New Delhi last November, there was general consensus that monetary tightening had failed to have its desired impact. Further, it was unclear whether India could afford the concomitant growth slowdown. Instead, a shift in policy focus to agricultural production and the distribution and pricing of strategic food and fuel commodities was seen as a more promising option.
COMMENTARY
| Inflation: Sources, Challenges | facts surrounding the Indian situation? What could be an alternate policy response? |
| and Policy Options | These are some of the questions that were addressed at a one-day seminar on infla |
| tion at the National Institute of Public | |
| Finance and Policy (NIPFP) New Delhi | |
| Sukanya Bose | last November that saw researchers and |
Despite the range of monetarist, micro-behavioural and cost-push explanations for the recent episode of inflation that were presented at a seminar in New Delhi last November, there was general consensus that monetary tightening had failed to have its desired impact. Further, it was unclear whether India could afford the concomitant growth slowdown. Instead, a shift in policy focus to agricultural production and the distribution and pricing of strategic food and fuel commodities was seen as a more promising option.
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