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HomeBusinessFinanceGovt not to make RBI report on MPC's first-ever inflation failure public

Govt not to make RBI report on MPC’s first-ever inflation failure public


The government will not make the Reserve Bank of India’s report on failure to achieve its mandate public, Pankaj Chaudhary, minister of state in the ministry said in Parliament on Monday.

has furnished a report to the central government, as mandated under Section 45ZN of the Act, 1934 and Regulation 7 of and Monetary Policy process Regulations, 2016,” the minister said.

“The said provisions of the RBI Act, 1934, and regulations therein do not provide for making the report public,” he said.

Under the rules, RBI’s is deemed to have failed to achieve its target if average Consumer Price Index remains outside of the 2-6 per cent range for three successive quarters.

This was the case in the three quarters from January to September of 2022, marking MPC’s first-ever inflation failure since its inception in 2016.

inflation averaged 6.3 per cent in January-March, 7.3 per cent in April-June and 7 per cent in July-September of 2022, the minister said.

On November 3, a separate meeting of the was held to discuss and draft the report to be sent to the government.

Inflation in India rose sharply during the initial phase of the Covid-19 pandemic in 2020, as restrictions on movement severely disrupted supplies. Russia’s invasion of Ukraine this February exacerbated upside risks to domestic inflation as global commodity prices surged following the war.


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