Mumbai, Feb. 7 -- The Reserve Bank of India (RBI) will work on refining and strengthening its inflation targeting framework (FIT) to improve macroeconomic outcomes, Governor Sanjay Malhotra said on Friday while announcing the Monetary Policy Committee's rate decisions.

In his first address after assuming office on 9 December Governor Malhotra said, "We will strive to further refine the building blocks of this framework by making advances in the use of new data, improving nowcasting and forecasting of key macroeconomic variables and developing more robust models." Malhotra said.

He added that the flexible inflation targeting framework, introduced in 2016 and reviewed in 2021, has served the Indian economy well over these years, including...