I have argued for quite some time now that while there is urgency for bringing inflation below the upper tolerance band, we can be more patient when it comes to gliding inflation to the target. A more rapid pace of reduction could impose an intolerable growth sacrifice. We should be willing to accept inflation between 4% and 5% for several quarters as the price of avoiding a growth shock, said RBI's monetary policy committee member Jayanth R Varma.
