As the finance ministry takes on the Reserve Bank of India (RBI) for being “systematically one-sided in overstating inflation”, a former central banker sought to know how many PhD holders the finance ministry had. “How many? Four? Five,” he asked. The RBI had 75 PhDs, at least at the time he was there, he emphatically pointed out. The statement on wrong inflation forecasts was made by Chief Economic Advisor Arvind Subramanian, an Oxford D Phil.