The limitations of inflation targeting - Dr. A.Vasudevan

..........The MI approach became a part of RBI’s strategy in 1998 in an interesting way. This happened one evening when the monetary policy department chief came to this author with a questionnaire of the Bank for International Settlements about India’s monetary policy framework. This author, recalling in his mind the discussions in the International Monetary Fund board in the 1980s, suggested that since India closely monitored multiple indicators, it was best to give an eclectic label to the framework. The MI approach allows RBI to pursue the two objectives mentioned in the preamble of the Act in a more holistic way............

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