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India – January 2026
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Recalibrating India’s Monetary Policy Framework: from statutory inflation targeting to the 2026 Review
In this International Briefing Vishrut Kansal analyses India’s monetary governance though the lens of nearly a decade of practice and in light of the latest Discussion Paper on the Review of Monetary Policy Framework released by the Reserve Bank of India in August 2025.
Institutional origins and constitutional design
India’s statutory adoption of flexible inflation targeting in 2016 together with the creation of a Monetary Policy Committee (MPC) represented a constitutional moment in macroeconomic governance. The Finance Act 2016 amended the Reserve Bank of India Act 1934 (RBI Act) to make inflation-targeting statutory set out the MPC mechanism and created an accountability architecture that on paper combined independence and democratic legitimacy. In practice the success of such frameworks depends not only on formal structure but on how instruments communications...
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