An expert committee appointed to examine the current monetary policy framework of the Reserve Bank of India. It was headed by Urjit Patel, Deputy Governor of the Reserve Bank of India, now Governor of RBI.
Objective →To strengthened Monetary Policy Framework of RBI
Recommendations
RBI to fix accountability in monetary policy making – Form a Monetary committee of 5 members
This statement will contain :
Why did we fail? (Reasons)
How will we fix it (Future action proposed)
By when will we fix it? (Timeframe)
Present Targets |
|
2015 Jan |
CPI Target (8%) |
2016 Jan |
CPI Target (6%) |
2017 Jan |
CPI Target (4%) |