Monetary policy framework: India vs US

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The Reserve Bank of India (RBI) and the government have started discussion on how to take forward the recommendations of the Urjit Patel committee, set up to review the monetary policy framework. The suggestions were far-reaching, as it suggested a framework for inflation-targeting and formation of an accountable Monetary Policy Committee (MPC). Here is a comparison of the structure of the MPC , as recommended by the Urjit Patel committee, and that of the Federal Open Market Committee (FOMC) of the US central bank