Instead, it makes sense to bring inflation back under control over the medium term, that is, the next two years or so, by raising rates steadily to the point where the bank thinks it would be enough to bring inflation back within the target range.
Let me emphasize that this is not a prediction of either the path of oil prices or a forecast of our monetary actions, lest I read in the paper tomorrow “RBI to raise rates”. More generally, the extended glide path over which we are bringing inflation in check appropriately balances inflation and the need for reasonable growth.