The Indian economy, however troubled, looks better than almost any other. Start with prices. Consumer price inflation in the US is at 8.5 per cent, a 40-year high. In the euro area, it is 7.5 per cent.
These are economies used to inflation averaging less than 2 per cent. Here in India we may groan over rising petrol and diesel costs and some spectacular price tags on individual food items. Lemon prices, for instance, have been reported as high as ~300-350 per kg in some wholesale markets. Naturally, criticism of the Reserve Bank has grown for not having placed greater emphasis much earlier on ...
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