Conduct of Monetary Policy in India: The Journey so Far and Contemporary Challenges

Amaresh Samantaraya ()
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Amaresh Samantaraya: Pondicherry University

Chapter Chapter 13 in India’s Contemporary Macroeconomic Themes, 2023, pp 315-341 from Springer

Abstract: Abstract The metamorphosis in monetary policy framework in India from ‘credit planning’ to adoption of ‘inflation targeting’ in 2016 is a long journey. The RBI’s conduct of monetary policy has been largely successful in contributing to overall macroeconomic stability. Nevertheless, there is a need for adequate deliberation and analysis on issues pertaining to pursuing single objective of price stability under ‘inflation targeting’ versus financial stability considerations; response to negative supply shocks; resolving ‘impossible trinity’ related trilemma, and the current monetary operating procedure without money, etc. to find convincing answers. This may help consequent strengthening of monetary policy effectiveness.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-981-99-5728-6_13

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DOI: 10.1007/978-981-99-5728-6_13

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