How not to fight inflation: Monetary tightening will only hurt growth

The decline in CPI inflation to under 10 per cent in January is a welcome development but has little to do with monetary policy. It comes on the back of lower demand, sharply reduced government expenditure and lower food inflation, and is largely unrelated to interest rates. It also shows that inflation can be brought down much faster than the Urjit Patel committee report suggests.

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