Refuting criticism of the RBI being behind the curve, Governor Shaktikanta Das on Friday defended the policy actions, saying shifting focus to inflation management earlier would have had "disastrous" consequences to the economy.
"Tolerance of high inflation was a necessity, and we stand by our decision," Mr. Das said, speaking at an event organised by Financial Express here.
The central bank was in sync with the requirements of the economic developments, he said, adding the statutes governing the RBI clearly mention about managing inflation while being cognisant of the growth situation.
