Indian Monetary Policy in the time of Inflation Targeting and Demonetisation


Tuesday, July 31, 2018, 4:00 pm – 5:30 pm
Brookings India, No. 6, Second Floor, Dr. Jose P. Rizal Marg, Chanakyapuri, New Delhi

Dear Mr. Sagar,

I am delighted to invite you to a public event on Indian Monetary Policy in the time of Inflation Targeting and Demonetisation with Brookings India Distinguished Fellow and former deputy governor of the Reserve Bank of India, Rakesh Mohan, and Partha Ray (Professor at the Indian Institute of Management, Calcutta).

Abstract: The period from 2009 to 2013 was dominated by a joint monetary and fiscal stimuli by the Indian authorities prompted by the North Atlantic Financial Crisis (NAFC) in mid-2008. Did these, along with other structural shocks and a hands-off attitude in forex market intervention, play a role in rising inflation and external account instability?

Brookings India Distinguished Fellow Rakesh Mohan and his co-author Partha Ray take us through Indian Monetary Policy over the past 10 years. Focussing on two significant events: significant deterioration of Indian public sector balance sheets and the demonetisation episode of November 2016, their talk  will present the findings from their recent working paper “Indian monetary policy in the time of inflation targeting and demonetisation,” aiming to look at how India’s monetary policy has kept pace with these changes.

Please RSVP: and contact for media inquiries.

My Best,

Nitika Mehta
Head of Communications

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