A new economics is needed to fight inflation

If you were asked which of the evils you would choose - higher inflation or lower growth - it would put you in the league of finance minister Pranab Mukherjee and Reserve Bank of India governor D Subbarao. It would also put the political limelight on you and bring in various pressures -  from your own party, from the opposition, from people at large. It is under such pressures that we need to examine the looming slowdown ahead.

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