Let me highlight the major elements of this approach and our future path in five specific areas. I. Monetary Policy Framework and Price Stability 6. Over the last three years, we have utilised the flexibility in the monetary policy framework to calibrate our actions to counter the adverse effects of COVID-19 and other international factors like the war in Ukraine.
We have refined our inflation forecasting methodology by incorporating new techniques and are delving deep into the granularity of inflation projections. We have augmented our baseline quarterly projection model (QPM) with satellite models. We are also exploring techniques spanning new and diverse fields such as data science (DS), machine learning (ML) and night-time luminosity. 7.