Indian monetary policy makers are tolerating inflation rates higher than their 4% medium-term target while they focus resources on an economic rebound. Economists see the Reserve Bank of India taking a grin-and-bear it approach to price pressures as it seeks to help Asia’s No 3 economy recover from one of the world’s worst coronavirus outbreaks. The RBI has chosen to look through a recent surge in inflation because it was supply-side driven, and will only turn persistent when demand kicks in, Deputy Governor Michael Patra said at a briefing June 4. While the wholesale price print due Monday made for another grim reading, retail inflation surged past the upper limit of the RBI’s 2%-6% target
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