New monetary policy framework to be out by Jan 2015

New Delhi: India will unveil a new monetary policy framework by the end of January 2015, a finance ministry official told reporters on Tuesday.

The official, who did not wish to be named, said the government will set the new inflation target which will be implemented by a monetary policy panel.

In January, a Reserve Bank of India panel headed by deputy bank governor Urjit Patel recommended a policy framework that would lead to 6 percent consumer price inflation by 2016.

Reuters