Time has come to review monetary policy objectives: RBI deputy governor Michael Patra

Formulating monetary policy has become more challenging in the current environment because of data lags and also frequent reviews, Patra said. "On the basis of data one month and three months ago, I will have to assess what inflation and growth are going to be one year down the line," he said, adding that policy has to be forward-looking but based on data which is old.

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