Chief Economic Advisor V Anantha Nageswaran states supply-side disruptions make monetary policy less effective against inflation. Fiscal measures and flexible targeting needed. Key PointsCEA V Anantha Nageswaran states supply shocks reduce monetary policy effectiveness against inflation.Raising interest rates may be counter-productive for supply-induced inflation.Countries will need flexibility with inflation targeting frameworks due to persistent supply issues.Global events like the Russia-Ukraine war and West Asia crisis cause significant supply chain disruptions.