The inflation data was released just a few days back and you may have heard a new jargon creeping into the lexicon of business media - "Stagflation." So, what is stagflation? To put it simply, a sharp fall in growth accompanied by a very big spike in inflation is the textbook definition of stagflation. CNBC-TV18 spoke to R Nagaraj Professor at IGIDR and Abhishek Upadhyay Senior Economist at ICICI Securities Primary Dealership to understand whether India is headed for stagflation.