Epic Update: Economist Bhagwati

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RBI has been blaming the high fiscal deficit driven by subsidies for the sticky inflation and asked the government to offer a clear fiscal road map. Amidst March 2010 and October 2011, RBI had been solely focusing on inflation fighting through 13 rate hikes. But over three years of inflation fighting has not yielded the desired results as it come down from double-digits primarily due to seasonal factors, especially growth.