RBI breached inflation mandate for 3 quarters, but nothing was done

April 05, 2022 19:37

Shaktikanta Das

'The Indian government did not apply the law when the country's central bank breached the 2020 inflation target, documents accessed by The Reporters Collective (TRC) and Al Jazeera through the Right to Information Act show,' reports Somesh Jha in Al Jazeera.

'The Reserve Bank of India (RBI), under Governor Shaktikanta Das, was unable to keep inflation within the legally mandated limit of 6 percent for the three consecutive quarters between January and September 2020,' he adds.

'Under Indian law, if the RBI fails to meet the inflation target for three consecutive quarters, it is required to write to the government within one month explaining why and produce a plan to bring prices back in line. This transparency is required to prevent businesses and citizens from losing faith in the RBI and the government's ability to rein in inflation. However, the ministry of finance, with Finance Minister Nirmala Sitharaman's approval, gave the central bank a pass, documents show,' Jha reports in Al Jazeera, here.

« Back to LIVE

TOP STORIES

T20 creates the perfect form of cricket: Usain Bolt

It comes as no surprise when the world's fastest man Usain Bolt says that the fastest form of cricket is his favourite one and feels more fans in the Caribbean and world over will choose the T20 format over Tests going forward.

In Pictures - Clinical Punjab Kings hand Rajasthan Royals fourth loss on the trot

Despite a well-tuned 48 from local hero Riyan Parag, Rajasthan Royals struggled against an array of accurate bowlers on a rather slow pitch, meandering to a sub-par 144 for nine against Punjab Kings in their IPL match in Guwahati on...

1 dead, 14 rescued after lift collapses in Rajasthan mine

Fifteen personnel of the public sector company got trapped in a mine Tuesday night when a cage used to carry the personnel fell down after a rope broke, police said.

Long struggle ends, new life begins: CAA beneficiaries

In Delhi, Kumar's family lives in the Majnu Ka Tila area and they are engaged in small-time business. He said a total of five people got Indian citizenship in his locality on Wednesday. Over a hundred had applied for it, he said.

At 14,500 feet, Army sets up one of world's highest tank repair units near LAC

The Indian Army has set up two armoured vehicle maintenance and repair facilities near the China border in Nyoma and the DBO Sector in that region at altitudes of over 14,500 feet in the area, which is the world's highest battlefield for...