From people's perspective, overall affordability could become worse despite the inflation rate coming down. Some academics argue inflation targeting is not suited for India. Others, even within the govt, suggest ignoring food inflation.
What is your take?
I think the reason that we targeted headline inflation (CPI) rather than core CPI (inflation without food and fuel prices), is because food is such a big part of the Indian consumption basket; to ignore it is to ignore one of the biggest components of inflation. So you may say, as RBI says, core inflation is coming down, but if your food inflation is high, people are hurting and they're saying, "What world are you living in? You don't see the fact that we are hurting".
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