Webinar Link

Meeting No: 2510 186 5424
Password: money

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Abstract

India’s monetary policy framework adopted in 2016, is based on flexible inflation targeting, with the Reserve Bank of India mandated to maintain inflation at 4% (±2%). The establishment of the Monetary Policy Committee strengthened transparency and accountability in decision-making. While the framework has anchored inflation expectations, recent shocks—COVID-19, global commodity volatility, and domestic food price pressures—have tested its resilience. However, there are major challenges that still persist viz. ensuring effective monetary transmission, managing supply-side inflation, and balancing growth with stability amid global spillovers. The RBI’s ongoing review of liquidity management and the rise of digital currency and payments further complicate transmission dynamics. With the current FIT regime due for review in 2026, debates focus on whether to retain the 4% midpoint target, shift attention toward core inflation, or adopt a more flexible, counter-cyclical stance. This webinar will examine the evolution, effectiveness, and future direction of India’s monetary policy framework.

About the Speakers

TCA Anant

Dr TCA Anant is an Adjunct Professor at the School of Public Policy and Governance, Tata Institute of Social Sciences, Hyderabad, off-campus. Dr Anant superannuated as a member of the Union Public Service Commission in 2023. Before this, he was a Professor and Head of the Department of Economics at the Delhi School of Economics (DSE), University of Delhi. He has also served as the Chief Statistician of India (CSI) and Secretary, Ministry of Statistics and Program Implementation from 2010 to 2018, and as Member Secretary, Indian Council for Social Science Research (ICSSR) from 2006 to 2009. As Member Secretary, ICSSR, Prof. Anant was instrumental in getting undertaken the fourth review of ICSSR. He also steered the research efforts of ICSSR in doing the first baseline survey of Minority Concentration Districts. Prof Anant has served on Expert Committees of various Ministries and Agencies of the Government of India, the Reserve Bank of India, the Competition Commission of India, Councils and Boards of several Universities as well as international organizations.

Prof. Anant received his PhD in Economics from Cornell University and his MA in Economics from DSE. He was Assistant Professor in Economics at Michigan State University, USA, and Reader and then Professor in DSE, where he started the course on Law and Economics in the MA program. His research has covered a wide range of areas, including Labor Economics, Industrial Economics, Law and Economics and Econometrics.

Charan Singh

Dr. Charan Singh is the CEO and Founder Director, EGROW Foundation. He was also the Non-Executive Chairman of Punjab & Sind Bank in two stints - May 2018 to May 2021 and November 2022 to November 2024. He continues to pursue his academic interests by regularly teaching courses on Macro, Monetary Policy, Global Economics (International Finance) and contemporary issues on Indian Economy at IIM Visakhapatnam and IIM Rohtak. Earlier, he also taught a course on International Finance at UCLA Anderson, LA in 2018 (April to June).

Earlier, he was the RBI Chair Professor of Economics at the prestigious Indian Institute of Management Bangalore, India; Senior Economist at the IMF, Washington DC (August 2009-December 2012); and Research Director (Economic Policy, Debt Management; 1997-2009) at the RBI where he joined as Research Officer in the economics department in 1984. He started his career in 1983 as management trainee in Punjab National Bank. Among other positions, Dr Singh served on the Board of NHB and NABFINS.

Dr Singh has published extensively and has two academic books to his credit, on published by Springer and the other by Cambridge. He has also contributed significantly in public domain through writings in professional journals. He also contributes in discussions on current affairs in leading newspapers and important TV channels.

Dr Singh completed M.Phil in Applied Economics from JNU, Delhi and PhD in Economics from the University of New South Wales, Sydney in 1997. He followed it up with post-doctoral studies at Department of Economics, Harvard University from Aug 2003 to Aug 2004 and Stanford University from August 2004 to Jan 2006.

Upasna Bhardwaj

Upasna Bhardwaj currently works at Kotak Securities Ltd., as Chief Economist from 2022. Ms. Bhardwaj also formerly worked at ING Vysya Bank Ltd. (Broker), as Economist from 2011 to 2015 and The Energy & Resources Institute, as Research Associate from 2003 to 2005.

Ms. Bhardwaj received her undergraduate degree in 2001 from the University of Delhi and graduate degree in 2003 from Delhi School of Economics.

Arjun G Nagarajan

Arjun G Nagarajan is Chief Economist Sundaram Mutual. He has over 13 years of experience in the field of Economics, and his primary responsibility is to ascertain future macro trends and their impact on domestic and international markets. This includes predicting outcomes in developed and emerging market currencies and fund flows.

Siddhartha Sanyal

Siddhartha Sanyal is Chief Economist and Head Research. Mr. Sanyal leads the Bank’s research efforts covering areas such as macroeconomic trends, financial inclusion, public policy and financial markets and is responsible for the Bank’s business strategy. He comes with over 21 years of work experience including with the RBI as an Economist, Edelweiss Capital as Senior Economist and Barclays Bank as Director & Chief India Economist. He has been a ranked India economist in multiple occasions as per reputed international surveys.