Subbarao faced a trilemma. He could not check inflation, manage the rupee and spur growth together. So, he focused on inflation. He failed in this because of a high fiscal deficit and the fact that inflation here is food-led, which monetary policy cannot check. Going for fast growth or exchange rate control, advocated by critics, would have worsened inflation. The trilemma felled Subbarao. It would have felled his critics too. Read More