The disinflation was marked by the commitment of the Reserve Bank to bring down inflation in a sequential manner – to 8 per cent by January 2015, 6 per cent by January 2016 and 5 per cent by Q4 of 2016–17 – which was called the glide path for inflation.
This, in turn, paved way for the formal adoption of flexible inflation targeting (FIT) through a legislative amendment to the Reserve Bank of India (RBI) Act under which price stability has been mandated as the primary objective of monetary policy, while keeping in mind the objective of growth.