Kumar, Pankaj; Srinivasan, Naveen - Madras School of Economics - 2014
From 2003, the Indian economy enjoyed a boom in growth coupled with moderate inflation for five years. The economy grew … persistence of inflation in an environment of falling economic growth has come out as a “puzzle” to policymakers’ and many in the … economy. The RBI compounded the problem by being sluggish and soft on inflation after the economy bounced back from the …