<h1>Monetary policy primacy: price stability with growth focus, using accommodation, liquidity and supervision to revive demand.</h1> The Reserve Bank, operating under a mandate to secure monetary stability while supporting growth, implements a Flexible Inflation Targeting framework prioritising price stability with a growth focus when inflation is contained; it has pursued an accommodative stance with policy rate reductions, liquidity injections and forward guidance, alongside targeted measures to sustain credit flow (including bank-NBFC exposure adjustments and risk-weight changes) and supervisory reforms to strengthen banks and NBFCs, promote digital payments and use communication as a policy tool to manage expectations.