"I believe that it's a shared responsibility of the government, of the Reserve Bank and of economic sector managers such as yourself... We have to do this collectively," Subbarao said, addressing the annual general meeting of the Indian Merchants Chamber here this evening.
The RBI decision yesterday to keep policy rates unchanged citing high inflation had invited criticism from various quarters as economic growth plunged to a nine-year low of 6.5 per cent in the last fiscal.
Irked by the policy decision, Commerce and Industry Minister Anand Sharma had said yesterday he would take up the matter with the Finance Minister and the RBI Governor.
"I don't think this blame-game can go on. Blame-game is not good for you, not good for us, not good for the large majority of people. We've to look for shared solutions," Subbarao said, adding the "India growth story is still credible but not inevitable."
Subbarao took the criticism of the policy decision head-on and stated that the monetary tightening has helped achieve a moderation in inflation.
Beginning March, 2010 and through October, 2011, the RBI increased key policy rates 13 times or 350 basis points to batten down near double digits inflation. (MORE)
