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India lacks the political will to pursue sensible economics

Double-digit inflation in India is unusual since it has managed for many years with containing inflation to low single-digit figures. Indian voters are also inflation averse and for years the bureaucracy in charge of the economy has been sensitive to any upsurge in inflation. In those days their salaries were in nominal terms and not adjusted for dearness allowance. So inflation hurt the bosses as much as the masses.

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