WPI, CPI, Core Inflation — Policy Changes

Entry	Year	Description	Impact
RBI Act Amendment	2016	Amendment to Reserve Bank of India Act, 1934 through Finance Act 2016, inserting Section 45ZA to establish Monetary Policy Committee and mandate inflation targeting framework based on Consumer Price Index.	Formalized CPI-based inflation targeting, shifted monetary policy focus from WPI-dominated discourse to consumer welfare-oriented approach, aligned India with international central banking practices, and provided legal framework for systematic monetary policy decisions.

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