Get All Access for $5/mo

RBI's Inflation Mandate Failure Report Cannot Be Made Public: Government As per reports, an out-of-turn meeting of the monetary policy committee (MPC) of the RBI was held in early November to bat around the report to be sent to the central government for failing to maintain the inflation mandate

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

RBI Twitter handle

The government, on Monday, told Parliament that the Reserve Bank of India (RBI) had submitted its report on the breach of the inflation target for three consecutive quarters, but the provision in the law doesn't authorize the report to be made public.

"RBI has furnished a report to the central government, as decreed under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI monetary policy committee and monetary policy process regulations, 2016," said minister of state for finance, Pankaj Chaudhary to a query in Parliament.

As per reports, an out-of-turn meeting of the monetary policy committee (MPC) of the RBI was held in early November to bat around the report to be sent to the central government for failing to maintain the inflation mandate.

According to the data available, the average inflation remained above the upper tolerance level of the inflation target of 6 per cent for three consecutive quarters during January-September,2022. In October, retail inflation was 6.77 per cent and is currently over the 6 per cent upper band for over three consecutive quarters.

As per earlier reports, while announcing a 35-basis point shoot up in the repo rate to 6.25 per cent, Shaktikanta Das had said that the battle against inflation is not over.

The report also stated that the central bank forecasts the CPI inflation to be around 6.6 per cent in October to December 2022, 5.9 per cent in January-March 2023, 5.0 per cent in April to June 2023 and 5.4 per cent in July to September 2023 respectively.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

News and Trends

Broadcom Stock Soars on AI Growth Outlook

Broadcom's next-generation AI chips, built with advanced 3-nanometer technology, are set to debut in the spring

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.