Do you agree with the view that the flexible inflation targeting framework adopted by the Reserve Bank of India has worked modestly in the normal times but put limits on the RBI's capability in the times of severe growth shock scenario? 10 marks

Mentor’s comment- https://indianexpress.com/article/opinion/columns/reserve-bank-of-india-flexible-inflation-economy-coronavirus-monetary-policy-committee-6708680/ In the body, mention briefly the inflation-targeting framework. In the body discuss in detail how inflation targeting mechanism has been successful to maintain the inflation in limits. Next mention the issues with the mechanism like adopting of CPI instead of WPI as an anchor. Inability to close the gap between inflation expectation … Continue reading Do you agree with the view that the flexible inflation targeting framework adopted by the Reserve Bank of India has worked modestly in the normal times but put limits on the RBI’s capability in the times of severe growth shock scenario? 10 marks