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India should rethink basis of inflation target

Food and food products make up nearly half of consumer price index in India. By way of comparison, the CPI for urban consumers in the US gives food prices a weighting of 14 per cent.

New Delhi

ANY day now, India's government is set to announce an official inflation target for the first time - a major step in the modernisation of its economic institutions, particularly the central bank. The idea has been proposed and debated for years, including in a much-discussed...

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