The second edition of The Huddle, started on February 17, continues on Sunday at the ITC Gardenia in Bengaluru. Presented by Yes Bank, The Huddle, a thoughts and ideas conclave, is a platform that attempts to bring under a single roof some of the best minds from politics, academia, the entertainment industry, the corporate world, sports and civil society. There will be a plethora of guests on the second day which includes Union Defence Minister Nirmala Sitharaman, former Ambassador of Pakistan to US Husain Haqqani, former National Security Adviser Shivshankar Menon, Punjab Chief Minister Amarinder Singh and former RBI Governors. Watch: Session 1: Balancing Growth and Inflation: D Subbarao, Former Governor of RBI C Rangarajan, Former Governor of RBI, Montek Singh Ahluwalia, Former Deputy Chairman, Planning Commission of India, In conversation with Raghavan Srinivasan, Editor, The Hindu BusinessLine 10.30 a.m. In the long term, there is no conflict between inflation and growth. In fact, sustained high growth rate is only possible in an environment of reasonable price stability. In short-term, there is a trade off, but there needs to be a balance, says Mr. Rangarajan. On what is the acceptable inflation rate, he says, "We had once said that 4 % is acceptable. Zero inflation is impossible. If we allow growth ignoring inflation, there will be problems. We cannot allow inflation to reach 7 to 8 % for growth." Too much growth that is beyond the productive capacity of the economy leads to higher inflation and is not worth it, says Montek Singh Ahluwalia. Challenge is when output is below potential, while inflation is high. This is the problem currently, he adds. Many people believe there is trade off between growth and inflation, this is a false dichotomy, says Subbarao. Low inflation is necessary for growth, he says. He says government policies have impact on output and inflation and teh central banks can only work for price stability. "If inflation goes up, growth goes down. The threshold is 4 %. It is a tolerable level of inflation," he adds.

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