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The Monetary Policy Committee (MPC) in India was established to formalize the process of determining the country's monetary policy and ensuring its effectiveness in managing inflation and stabilizing the economy. The MPC was formed under the Reserve Bank of India (RBI) Act, 1934, as per the provisions outlined in the Finance Act of 2016. Its main purpose is to set the benchmark interest rates, particularly the repo rate, and manage inflation within a targeted range, thus influencing various economic factors such as money supply, investment, consumption, and overall economic growth. The committee comprises six members, with three representatives ________ ____ _____ ______ ________ ___ ____ _________ _____ ___ _____.
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