The monetary policy committee (MPC) is touted as a major change, a departure from this trend. Thus, communication from the RBI, to which the MPC will contribute, has a major role. The MPC has to command the respect, and withstand the scrutiny, of domestic as well as international markets and analysts. Although a technocratic decision, monetary policy affects many interests, often in opposing ways. In the US also, monetary policy has begun paying more attention to data, since uncertainties have increased.

Source: Mint September 18, 2016 17:37 UTC