<div id="readability-page-1"><div id="parent_top_div"><div><p>There is little doubt that India’s inflation-targeting framework succeeded in reducing inflation. Before its introduction, India faced persistently high inflation, negative real interest rates, and recurring macroeconomic instability. The inflation rate often neared double digits, hurting household savings and creating uncertainty for investors. The post-inflation-targeting period has been markedly different, with lower inflation and greater monetary-policy credibility. Any serious discussion must begin by acknowledging this success.<small> </small></p></div></div></div>

<p>印度的通胀目标框架成功地降低了通胀，但在当前动荡的经济环境中可能过于僵化。对过去通胀数据的依赖可能导致顺周期的货币政策，加剧商业周期。在银行危机期间，高实际利率阻碍了增长，而最近的激进加息可能为时已晚。由于地缘政治紧张局势导致油价上涨，印度储备银行可能会对报告的通胀做出不当反应，从而可能危害经济稳定</p>

印度的通胀目标在当前油价冲击的环境下是否过于严格？