New Delhi, Jan. 13 -- With food prices falling less, headline inflation has shown a modest uptick in December. Government data released on Monday put India's consumer price index-based year-on-year rate of inflation at 1.33%, up from just 0.71% in November.

Despite the rise, it's still below the lower end of the Reserve Bank of India's (RBI) 2-6% target range. Some of the rise is also due to a normalization of the base effect. On the whole, India is still in a so-called Goldilocks phase of low inflation amid rapid economic growth.

But perhaps what we should be thankful for is the peace that prevails between makers of monetary and fiscal policy in India. By contrast, in the US, an open stand-off between the Fed chair and White House coul...