Which of the following fixed the four percent inflation target in India with tolerance level of +/-2 percent for the period 2016 to 2021 ?

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Accepted Answer

B. Government of India. Inflation Target in india Announced in -Budget 2016-17. The Monetary Policy Committee (MPC) was constituted by the Government of India on September 29, 2016 by Amendment in RBI Act 1934. Inflation Target -Decided by Union Govt. Present target = 4(+-)2%[CPI Inflation] Maintain inflation in between 2 % to 4% Range The changed Objective of RBI is maintaining price stability instead of growth Objective of growth. Reserve bank of india 15th Finance Commission Under Article 280 , the President of India is required to constitute a finance commission at an interval of 5 years or less. The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya, former Vice-Chairman, NITI PYQ’s Solution English 19 Aayog as its Chairman. NITI AAYOG Establishment :- An advisory body (think-tank ) established through a Union cabinet resolution, replacing the erstwhile Planning Commission. It is neither a Constitutional nor a statutory body. Aim -Promote competitive and cooperative federalism among States and UTs. Composition: Chairperson: Prime Minister (PM) of India. Governing Council: ● PM of India; ● Chief Ministers (CMs) of all the States and UTs with legislature; ● Lt. Governors of other UTs; ● Ex-Officio Members (include maximum 4 members of Union Council of Ministers nominated by the PM); ● Vice Chairperson, NITI Aayog (appointed by the PM); ● Full-Time Members, NITI Aayog; and ● Special Invitees (include experts, specialists and practitioners with relevant domain ● knowledge nominated by the PM). Regional Councils: Formed for a specified tenure, to address specific issues and contingencies impacting more than one state or a region. Chief Executive Officer (CEO): Appointed by the PM for a fixed tenure, in the rank of Secretary to the Government of India. Index published by niti Aayog SDG India Index State Health Index Composite water management Index Indian innovation Index