This argument is contestable. Inflation targetting is neither desirable nor practical in India, and for several reasons. (i)  In an emerging economy like ours, it is not practical for the central bank to focus exclusively on inflation oblivious of the larger development context. The Reserve Bank needs to balance between growth, price stability and financial stability.
They suggest that borrowing costs are not constraining business investment, and worry that lower rates will accentuate already excessive house price inflation and sow the seeds for a major housing market correction that will slow growth and likely lead to a recession.