RBI chief says haven't moved to targeting inflation
MUMBAI (Reuters) - Reserve Bank of India Governor Raghuram Rajan said on Friday the central bank has not yet moved to an inflation target, and was still exploring the suggestions on the subject drafted by a panel with the government.
A panel headed by Reserve Bank of India deputy governor Urjit Patel recommended in January moving to an inflation target, with an aim to eventually bring down consumer-price based inflation to 4 percent with a 2 percent band on either side.
"We haven't moved to inflation targeting as yet," Rajan said at an event in Mumbai.
(Reporting by Neha Dasgupta)
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article