The RBI held its policy rate and neutral stance, despite inflation exceeding its 4% target, citing a brighter growth outlook and downplaying food/fuel price volatility risks. However, the author critically questions whether inflation-targeting regimes truly assure price stability. With global risks like the West Asia war, the article suggests that advocates might have overestimated their effectiveness. The RBI's decision, possibly prioritizing growth, will be tested. The piece concludes that central banks' classic role in maintaining currency value isn't as robustly supported by current inflation-targeting frameworks as proponents claim.