The correct answer is 2016. In 2016 the Government of India set up the Monetary Policy Committee. The Central Government in September 2016 constituted the MPC as under:-Governor of the Reserve Bank of India - Chairperson, ex officio. Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy - Member, ex officio. One officer of the Reserve Bank of In be nominated by the Central Board - Member, ex officio; Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) “ Member;Professor Pami Dua, Director, Delhi School of Economics - Member, and Dr Ravindra H. Dholakia, Professor, Indian Institute of Management, Ahmedabad - Member. Additional InformationMonetary Policy:It refers to the management of money supply for achieving macroeconomic objectives such as controlling inflation, consumption, growth, and liquidity. In India, the Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934. The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended and provides a basis for the implementation of a flexible inflation targeting framework. Now the inflation target is set by GOI in consultation with RBI once every five years. Currently, the inflation rate target is 4 per cent, with a band of +/- 2 per cent It means if the inflation rate is below 2 then GOI and RBI will increase the inflation and if it is above 6 then they will try to reduce the inflation Section 45ZB of the amended RBI Act, 1934 also provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government.