The monetary-fiscal battleground

The Reserve Bank of India's (RBI's) Expert Committee to Revise and Strengthen the Monetary Policy Framework, chaired by Deputy Governor Urjit Patel, submitted its report last week. Broadly, it recommends that inflation, as measured by the consumer price index (CPI), be targeted in the range of two and six per cent, suggesting a three-year time frame in which to achieve the mid-point of the range, that is, four per cent. It recommends a number of financial market reforms to facilitate monetary transmission.

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