Playing with fire leads to risk of an inferno.

"Industry chamber PHDCCI on Sunday said it expects strong GDP growth in the coming quarters with the economic recovery gaining momentum. Out of the 12 lead economic and business indicators of QET (Quick Economic Trends), tracked by the industry body, nine have shown an uptick in the sequential growth for the month of September 2021 as compared to six showing the uptrend in August 2021," ET. "With the economy in recovery mode, there is a surge in job opportunities as well. According to the latest report by Michael Page India, India Inc is seeing a 14% employment rise in the third quarter of 2021 compared to the same quarter last year," ET. India may "regain the title of the world's fastest-growing major economy", driven by consumption in the festival season, BS. "An array of indicators compiled by Bloomberg News pointed to a continuing rebound in demand in September, helping keep the needle on a dial measuring so-called animal spirits steady at 5 for a third straight month." Udit Misra compared what experts think with how the public perceives India's economy. "Experts expect India's recovery to be so sharp that it will overtake not just the global average -- relatively speaking, with reference to where each concerned country was in 2019 -- but also most of its peers such as Brazil, South Africa, Russia etc. China is the only exception." However, according to the "RBI's quarterly Consumer Confidence Survey (CCS) for September 2021" "public perception of key economic variables -- such as inflation, employment, income and spending -- is far less sanguine". "With a widespread surge in power and energy costs, the global inflation trend is extending," wrote Dhananjay Sinha. "The IMF's base case (October '21) assumes that inflation in both advanced and emerging economies would remain anchored to 2 percent and 4 percent, respectively, by end-2022 and would peak at 3.6 percent and 6.9 percent around end-2021." "From India's perspective, beyond the near-term dip in inflation, as the base effect wears out and we see the cumulative effect of rising cost inflation, including fuel and power costs, improving pricing power and narrowing of the consumption demand gap, it could imply catch-up in inflation in the next 12-months 6.5-7 percent." "The government on Friday reappointed Shaktikanta Das as RBI governor for three more years, till December 2024," NDTV. "He's (Das) wearing the hat of a risk-taker by persisting with loose policy despite inflation remaining above target -- unlike his risk manager predecessor," ET. "As a student of history, he would know that interest rate decisions won't occupy much space in RBI's history. Rather, his decisions on the development of financial markets and the banking industry would shape his legacy." Really? "Some smaller central banks in countries such as Brazil, Iceland, Mexico, Chile, Russia and Hungary have been increasing interest rates," wrote Niranjan Rajadhyaksha. "The Bank of England 'will have to act' over rising inflation, governor Andrew Bailey has warned, suggesting that UK interest rates may rise soon," BBC. In 2013, just the announcement of a reduction in bond purchases by the Federal Reserve of the US led to a jump in bond yields and an outflow of dollars from emerging markets, including India, Investopedia. The rupee slumped 3.7% to 68.85 to the dollar in one day, Reuters. A significant fall of the rupee could jack up the price of imports and send inflation shooting up. That could well go down as Das's legacy.