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  9. Q74

OPSC OCS 2022 · Question 74 of 98

With reference to inflation targeting by the Reserve Bank of India, consider the following statements: 1. In May 2016, the RBI Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework. 2. Under Section 45ZA, the Central Government, in consultation with the RBI, determines the inflation target in terms of the Consumer Price Index (CPI), once in five years. 3. On March 31, 2021, the Central Government retained the inflation target of 6 percent with the tolerance band of +2 percent for the next 5-year period - April 1, 2021 to March 31, 2026. Which of the above statements are correct?

Indian Economy

  1. A1 and 2 only
  2. B1 and 3 only
  3. C2 and 3 only
  4. D1, 2 and 3Correct

Answer: D. 1, 2 and 3

Explanation

In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a Constitutional basis for the implementation of the flexible inflation targeting (FIT) framework. Section 45-ZA of the RBI Act, 1934 requires that the Central Government shall, in consultation with the Reserve Bank of India (RBI), determine the inflation target in terms of a consumer price index (CPI), once in every five years. On March 31, 2021, the government retained the inflation target and the tolerance band for the next 5-year period – April 1, 2021 to March 31, 2026.

Source: OPSC OCS (2022) Preliminary GS Paper-I; answers per Apti Plus Academy compilation (to be verified against official OPSC key)

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