The ‘Expert Committee to Revise and Strengthen the Monetary Policy Framework’, headed by then RBI Deputy Governor Urjit R Patel was constituted in 2015.
Criticism
Conclusion
All the objectives of monetary policy, i. e., exchange stability, price stability, full employment, economic growth, etc., are important and have their relative merits and demerits; none of these objectives is completely undesirable and could be abandoned. But the problem is that these objectives are not compatible with each other and, therefore, cannot be achieved simultaneously, thereby making the task of ‘framing a balanced monetary policy’ even more difficult.