Who doesn't want growth?

The RBI, however, cannot use the growth argument to justify inflation

The preamble of the Reserve Bank of India (RBI) Act, as amended in 2016, inter alia states: “The primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth.”

Defining “growth” itself could be a contentious issue. Many may argue that it should be sustainable growth, inclusive growth, equitable growth, and so on. While these are important issues requiring a detailed and informed discussion, let’s not get into this here and for the purpose of this article stick to a simple, common-sense meaning. According to the Oxford English dictionary, economic growth is, “The