Although relatively unsung, rising financial inclusion has had a significant contribution to this virtuous outcome. It has been argued that as financial inclusion increases, the ratio of output volatility to inflation volatility should also rise if the central bank cares about both and sets monetary policy to optimize their trade-off.
In India, this ratio has gone up from 0.6 in mid-2015 to 1.3 in the last quarter of 202021 just before the pandemic struck. In the pandemic period, this ratio has shot up to above 5, but this is clearly an outlier which has to be 8  tackled differently.