Current Affairs · Monetary Policy Framework

Consider the following statements regarding India's Monetary Policy Framework: Statement I: The current inflation target set by the government in consultation with the RBI is 4 percent for the Consumer Price Index (Combined) with an upper tolerance limit of 6 percent and a lower tolerance limit of 2 percent. Statement II: The RBI is deemed to have failed in meeting the inflation target if the average inflation remains outside the tolerance band for three consecutive quarters. Statement III: The MPC consists of eight members, including the Governor of the RBI, the Deputy Governor in charge of monetary policy, and six external members appointed by the government. Statement IV: In the event of a tie during the voting process for a policy decision, the Governor of the RBI has a second or casting vote. Which of the statements given above are correct?