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The short-term macroeconomic priorities of RBI are, therefore, clear – to focus on reducing inflation in line with the proposed glide path; work with the government and banks to speed up resolution of dis-tressed projects and cleaning up bank balance sheets; ensure banks...

The yearly increase picked up to 1.8% from 1.7%, closer to the Fed’s 2% target. If Econ was your Waterloo, here’s a translation: a higher inflation rate reduces the probability of the United States falling into another recession.