Implementation of RBI panel recommendations needs talks with govt: Rajan
MUMBAI (Reuters) - India's central bank is studying the recommendations of a panel on monetary policy and complete implementation of its report will need a dialogue with the government, the Reserve Bank of India governor said on Tuesday.
Raghuram Rajan also said the Urjit Patel panel's timeline to bring down retail inflation seemed "reasonable" and the 8 percent retail inflation target can be reached by the end of the year.
He also said he was confident that inflation would be brought down to tolerable levels within the course of the year.
Rajan said the RBI has not accepted inflation targeting as a monetary policy objective, after unexpectedly raising rates by 25 basis points earlier in the day.
(Reporting by Suvashree Dey Choudhury and Mumbai Treasury Team; Writing by Swati Bhat; Editing by Prateek Chatterjee)
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India has withdrawn the drug pricing authority's powers that allowed it to fix the prices of medicines not deemed essential, after its decision to impose price caps on more than 100 drugs in July triggered industry protests. Article