Before going into the nuances of the new priority sector guidelines, I would like to highlight the four basic pillars/philosophy upon which these guidelines are based. These are: •  Priority sector refers to those sectors of the economy which, though viable and creditworthy, may not get timely and adequate credit in the absence of this special dispensation.
Either way, it is reasonable to ask if we are on the right track: is inflation targeting still appropriate? Before I address this question, I would like to push back against the idea that central banks simply can't achieve their inflation targets.