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There has been a steady decline in trend inflation in India, the Reserve Bank of India noted in a Working Paper titled "Measuring Trend Inflation in India". The Paper is authored by Harendra Kumar Behera and Michael Debabrata Patra. Central to the design and conduct of monetary policy is the concept of trend inflation, the level to which actual inflation outcomes are expected to converge after short run fluctuations from a variety of sources die out. The paper seeks to estimate trend inflation in India to find the answer to a question that goes to the root of flexible inflation targeting (FIT...

Dec 29, 2020 06:47 GMTFXStreet News USD/INR stays heavy near the lowest since October 21. RBI’s working paper proposes medium-term inflation target at 4% ahead of five-year review of the goal in March. Broad US dollar weakness on the house passage of the covid aid paycheck also favors the bears. USD/INR remains on the back foot near 73.40, down 0.17% intraday, during the initial Indian trading on Tuesday. The pair recently dropped after the Reserve Bank of India’s (RBI) working paper triggered cautious optimism despite challenges due to the coronavirus (COVID-19) conditions at home. “Re...

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'If it ain't broke, don't fix it': RBI working paper says 4% inflation target is good for India Recently there were speculations that the government could ask the MPC to loosen the inflation target to facilitate a growth supportive policy. December 29, 2020 / 09:29 PM IST A Reserve Bank of India (RBI) working paper authored by Harendra Kumar Behera and Michael Debabrata Patra has said maintaining the inflation target at 4 percent is appropriate for India. The paper, titled ‘Measuring trend inflation in India’, said there was a steady decline in trend inflation to 4.1 percent-4.3 percen...

Updated Dec 28, 2020 | 22:23 IST The paper authored by Harendra Kumar Behera and Deputy Governor Michael Debabrata Patra finds a steady decline in trend inflation to 4.1-4.3% since 2014, until just before the pandemic. Representational Image  |  Photo Credit: IANS Key Highlights A target set too below the trend imparts a deflationary bias to monetary policy, said the paper "A target that is fixed above trend renders monetary policy too expansionary and prone to inflationary shocks and unanchored expectation," it further added. India's inflation target is ...