Abstract
The objectives of monetary policy in India have been generally interpreted as related to price stability and economic growth, and they have remained unchanged since the enactment of the Reserve Bank of India (RBI) Act in 1934. In contrast, monetary policy procedures have undergone significant changes in India, as reflected by the process of financial sector reforms, which began in the early 1990s. Part 1 of this book composed of Chapters 1–3 focused on the transition of India's monetary policy frameworks, and conducted an empirical analysis on the effectiveness of policy frameworks in the past, present and expected future, that is, monetary targeting, the multiple indicator approach (MIA), and inflation targeting, respectively…
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