This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates...

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other...

In any economy, monetary policy is as essential as fiscal policy in driving growth and in India, it is no different. Our monetary policy is determined by the Reserve Bank of India in consultation with Monetary Policy Committee which is headed by the RBI Governor while Fiscal Policy is determined...