RBI report recommends inflation target under new monetary policy framework

Raghuram Rajan, RBI

A committee set up by Reserve Bank of India (RBI) governor Raghuram Rajan in September has called on the bank to adopt a formal inflation target in order to "shift away" its monetary policy from its current approach as part of sweeping recommendations published yesterday.

The committee, led by deputy governor Urjit Patel, was tasked with reviewing the bank's monetary policy framework and coming up with ideas on how to make it more "predictable and transparent". In its final report it recommends

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