This framework will play an advisory role on deciding interest rates, targeting inflation, and of course, the growth and employment generation objectives of the finance ministry.
The Finance Ministry and the Reserve Bank of India (RBI) are inching closer to inking a modern monetary policy framework agreement as announced in the Budget. Once this framework comes into existence, a new monetary policy committee will be set up, headed by the RBI Governor.
This will play an advisory role on deciding interest rates, targeting inflation, and of course, the growth and employment generation objectives of the Finance Ministry.
The framework will set two-year inflation targets and consumer price index (CPI) will be the normal anchor for the macro data.
The monetary policy committee (MPC) is likely to have a term of four years and will comprise 8 members. The RBI Governor will head the committee and will have veto power over the committee's decisions. The committee will have five independent members and one government representative nominee from the FinMin without voting rights.
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