"Inflation targeting is only one among the objectives," he told Bloomberg reporter at the sideline of World Economic Forum meeting in Davos. "Another objective of RBI must be to support growth."
Earlier this week, RBI's Urjit Patel committee had recommended setting a four per cent annual cap for Consumer Price Index(CPI)-based inflation by 2016 as part of the most sweeping changes in the central bank's 78-year history.
Following the committee's estimate of a high level of retail inflation for at least one more year, the speculation over rate cut by the Reserve Bank of India (RBI) in the near future has been shattered.
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