Critically analyse the effectiveness and limits of India’s inflation-control toolkit, with reference to the Phillips Curve, measurement choices, and coordination across policies. (Answer in 250 words)

Inflation control in India is often portrayed as the RBI’s domain, yet outcomes hinge on an interplay of monetary, fiscal, and supply-side policies operating amid a possibly flattened Phillips Curve. A critical appraisal must weigh efficacy, lags, and distributional trade-offs.