<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>印度的通脹目標框架成功地降低了通脹，但在當前動盪的經濟環境中可能過於僵化。對過去通脹數據的依賴可能導致順週期的貨幣政策，加劇商業週期。在銀行危機期間，高實際利率阻礙了增長，而最近的激進加息可能為時已晚。由於地緣政治緊張局勢導致油價上漲，印度儲備銀行可能會對報告的通脹做出不當反應，從而可能危害經濟穩定</p>

印度的通脹目標在當前油價衝擊的環境下是否過於嚴格？