Policy transparency: Report on missing inflation target must be released

The framework has been designed to make the monetary policy transparent. For instance, the law mandates even the publication of the MPC meeting calendar well in advance

The publication of a discussion paper on the monetary policy framework — by the Reserve Bank of India (RBI) in August — has sparked a lively debate, including on these pages. Various aspects of the framework were also discussed at the annual Business Standard BFSI Insight Summit last week, in a panel featuring two former external and two former internal members of the Monetary Policy Committee (MPC). The panel agreed that the framework had worked for India and there was no need for change at this stage. The inflation target is due for a review by March next