An assessment of the multiple indicators approach for the period 1998–99 to 2008–09 reveals that actual outcome of GDP growth has been generally higher than the projections indicated in the monetary policy statements, while it has generally been lower in case of inflation (Table 4). IV. Overall assessment  26.
The monetary policy framework in India has undergone significant shifts from a monetary targeting regime to a multiple indicators regime. Such a transition was conditioned by the developments of financial markets, increasing integration of the Indian economy with the global economy and changing transmission of monetary policy.