Lot of comment on RBI becoming Pro Growth & keeping Inflation in back ground. Few Points to ponder.
- Inflation is being pushed on back burner globally. ECB moved from Inflation to Growth long back. US Fed has publicly stated to tolerate higher Inflation.

RBI pre Inflation targeting framework was managing Growth, Inflation, Govt Borrowing, Rupee and Financial stability remarkably well. Nobel Laurate Joseph Stiglitz complemented RBI stating that US Sub prime crisis would have been averted if Dr Reddy was US Fed Governor.

Despite stupendous success of the RBI in managing conflicting needs of Indian Economy, Inflation Targetting Framework was established without proper definition/measurement of Inflation.

This was like attributing credit of Mahabharat Victory to Single minded focus of Arjun (could only see Bird's eye while shooting arrow) than all round guidance of Shree Krishna.

Oddly Central Banks around the world are now following RBI in managing conflicting objectives as per the need of economy.