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Union Government fixes an inflation target of 4 percent for five years

Union Government fixes an inflation target of 4 percent for five years
06 August 2016 Current Affairs: The Union Government has set an inflation target of four per cent for the next five years i.e. till March 31, 2021. In this regard, Union Government will soon set-up Monetary Policy Committee (MPC) to adhere to the target till March 31, 2021. 

This target was fixed after the Union Government and Reserve Bank of India (RBI) had reached an agreement on a monetary policy framework. The framework had had set the inflation target at four per cent, plus or minus two per cent. However, there was no legal backing to it. The Union Government in June 2016 also had notified rules for setting up the MPC giving effect to amendments in the RBI Act.

Inflation targeting :  Inflation targeting is a monetary policy in which a central bank estimates and makes public a projected or “target” inflation rate. After declaration of target, the central bank attempts to steer actual inflation towards the target through the use of interest rate changes and other monetary tools. The key advantage of a target is that it allows to recognise the short run trade-offs between inflation and growth. It also enables Central Bank to pursue the inflation target in the long run over the course of a business cycle.


December 2016 Current affairs
6 DEC
NEWS
5 DEC
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3 DEC
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2 DEC
NEWS
1 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
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27 AUG
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26 AUG
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