Which committee recommended the establishment of the 'Monetary Policy Committee (MPC)' in India to institutionalize the inflation-targeting framework?

💡 Solution & Explanation

The Urjit Patel Committee, officially known as the Expert Committee to Revise and Strengthen the Monetary Policy Framework, recommended instituting a Monetary Policy Committee to anchor inflation expectations in India. Committees like the Narasimham Committee focused primarily on financial sector and banking reforms rather than inflation-targeting committees. This recommendation eventually led to the amendment of the Reserve Bank of India Act, 1934, establishing the statutory MPC in 2016.