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Navigating Post-COVID Inflationary Pressures: A Systematic Review of India’s Monetary Policy Framework and its Economic Impact

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  • Mohit Kumar Shrivastav

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

  • Saranga Gogoi

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

  • Hemangi Dhanke

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

Abstract

This paper studies the inflationary dynamics that permeated the Indian economic landscape in the post-COVID-19 era, and the subsequent monetary tightening implemented by the Reserve Bank of India (RBI). The expeditious economic resurgence—catalyzed by robust governmental fiscal stimulus, accessible credit facilities, and augmented monetary liquidity—precipitated substantial upward pressures on the price level. These endogenous factors were further exacerbated by exogenous variables, including global supply chain perturbations and elevated commodity valuations. In response to these macroeconomic exigencies, the RBI pivoted from its accommodative monetary stance toward a more restrictive policy framework, employing repo rate adjustments as the principal mechanism for inflation mitigation and economic stabilization.

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  • Mohit Kumar Shrivastav & Saranga Gogoi & Hemangi Dhanke, 2025. "Navigating Post-COVID Inflationary Pressures: A Systematic Review of India’s Monetary Policy Framework and its Economic Impact," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(15), pages 389-394, March.
    • Handle: RePEc:bcp:journl:v:9:y:2025:i:15:p:389-394
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    References listed on IDEAS

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    3. Thomas E. Hall & William R. Hart, 2012. "The Samuelson–Solow Phillips Curve and the Great Inflation," History of Economics Review, Taylor & Francis Journals, vol. 55(1), pages 62-72, January.
    4. Brian Reinbold & Yi Wen, 2020. "Is the Phillips Curve Still Alive?," Review, Federal Reserve Bank of St. Louis, vol. 102(2), pages 121-144, May.
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