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

In: India’s Contemporary Macroeconomic Themes

Author

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  • Amaresh Samantaraya

    (Pondicherry University)

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.

Suggested Citation

  • Amaresh Samantaraya, 2023. "Conduct of Monetary Policy in India: The Journey so Far and Contemporary Challenges," India Studies in Business and Economics, in: D. K. Srivastava & K. R. Shanmugam (ed.), India’s Contemporary Macroeconomic Themes, chapter 0, pages 315-341, Springer.
    • Handle: RePEc:spr:isbchp:978-981-99-5728-6_13
    DOI: 10.1007/978-981-99-5728-6_13
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