No need for hindsight.

"The second disappointment is the high and stubborn inflation during 2010 and 2012 during my tenure. I realized that I should have raised interest rates faster and steeper than I had actually done." "It was only with the benefit of hindsight that we learned that growth was actually faster than we knew in real time," said former Governor of the Reserve Bank of India (RBI) Duvvuri Subbarao. Subbarao was in office as Governor of the RBI from 5 September 2008 to 4 September 2013. wikipedia. His regret about inaction from 2010 to 2012 is actually a cop out. Consumer Price Index (CPI) inflation was rising from 2007. Average CPI inflation rate was 6.39% in 2007, 8.32% in 2008, 10.83% in 2009, 12.11% in 2010, 8.87% in 2011 and 9.30% in 2012. inflation.eu. He should have started taking action as soon as he was appointed in 2008 and definitely in 2009. Instead, he actually reduced interest rate by 50 basis points (bps) on 3 November 2008, by a huge 100 bps on 8 December 2008, by another 100 bps on 5 January 2009, by 50 bps on 5 March 2009 and 25 bps on 21 April 2009. Forbes. He was stoking the already red hot inflation. He only woke up a full one year later on 19 March 2010 when he started increasing rates by a miserly 25 bps at a time. "The CPI inflation for the month of April (2024) eased to 4.83%." "The CPI inflation for the month of March 2024 stood at 4.85%." TOI. The CPI calculation is hopelessly out of date because, according to the Ministry of Statistics & Programme Implementation (MoSPI), the CPI is calculated with 2012 as the base year (2012=100). MoSPI. Indians have changed their spending habits since then. "Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items such as processed food, as well as durables like televisions and fridges, government consumption data showed." Reuters. "Food and fuel pushed wholesale inflation (WPI) to a 13-month high of 1.26% in April compared with 0.53% in the previous month." ET. The WPI is also outdated. "Even today, vanaspati (hydrogenated vegetable oil) has the highest weightage in the basket of cooking oils, whose prices are monitored by the government to calculate the WPI. However, in the past one and a half decades, the consumption of vanaspati has declined - from around 6% of total cooking oil consumption in 2010-11 to about 3% in 2022-23." ET. In April, "The RBI...kept its key lending rate unchanged at 6.5% for the seventh consecutive time." NDTV. That means for a full 12 months from April 2023. ET. The RBI will have no need for hindsight because "India's economy likely expanded at 8% through fiscal year 2024 (FY24), and growth in the current year is projected at 7%, V Anantha Nageswaran, Chief Economic Advisor to the government said." Mint. However, if you don't know consumption, you won't know the gross domestic product (GDP) either. "Asian Paints MD and CEO Amit Syngle has expressed cynicism about GDP numbers and admitted to investors the figures do not correlate to core sectors including steel and cement." Mint. The present RBI is doing nothing despite wrong data. Mr Subbarao did the opposite with glaring data. Don't blame hindsight.