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Nirmal Bang Report
The move towards a flexible inflation targeting framework was formalised through an agreement between the Reserve Bank of India and the government in February 2015.
In May 2016, the Reserve Bank of India Act, 1934 was amended to state price stability as the primary objective of monetary policy and the adoption of flexible inflation targeting with the consumer price index as the nominal anchor for monetary policy.
In August 2016, the Government notified an inflation target of 4.0%, with 6.0% and 2.0% as the upper and lower tolerance levels, respectively, for the period up to March 31, 2021.
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