NEW DELHI -- The Reserve Bank of India's rate-setting panel meets on Thursday to discuss its failure to keep inflation within its target range for three consecutive quarters for the first time.
The six-member Monetary Policy Committee has a mandate to maintain retail inflation at 4%, with a margin of 2 percentage points on either side. However, for nine months since January, the inflation rate has remained above the upper tolerance band of 6%. It hit 7.41% on the year in September, the fastest pace since April, due to ripples from the COVID-19 pandemic and the war in Ukraine.
