This paper presents a secondary data-based analysis of the recent impact of the Reserve Bank of India’s (RBI) monetary policy on inflation and economic growth. In light of global economic uncertainties and domestic fiscal pressures, the RBI has employed a mix of conventional and unconventional monetary tools to achieve its dual mandate of price stability and growth. Drawing upon reports, policy statements, macroeconomic reviews, and recent academic literature, this study evaluates the effectiveness of policy rate changes, liquidity management measures, and inflation targeting frameworks in the post-pandemic period, particularly from 2020 to 2024.

The analysis reveals that the RBI’s calibrated tightening, including repo rate hikes during 2022–2023, played a significant role in containing inflationary pressures that stemmed from supply chain disruptions and global commodity price volatility. At the same time, the central bank adopted a cautious approach to avoid derailing the fragile economic recovery. The study also highlights the challenges posed by external factors such as capital flow volatility, exchange rate fluctuations, and geopolitical tensions, which have limited the RBI’s policy space.

Overall, the findings suggest that while monetary policy has been moderately successful in anchoring inflation expectations, its transmission to real sector growth has been uneven and delayed. The paper concludes with policy recommendations aimed at enhancing monetary transmission and strengthening coordination with fiscal policy for sustainable growth.

Keywords: Monetary Policy, Inflation, Economic Growth, Reserve Bank of India.