<h1>Globalisation of inflation: policy focus on anchoring expectations while calibrating monetary tightening to preserve stability.</h1> The speech explains that concurrent global supply shocks have produced protracted, synchronised inflationary pressures that heighten the need to recognise the globalisation of inflation. India's response balanced supporting recovery with anchoring expectations under a flexible inflation targeting framework, using calibrated conventional and unconventional tools, time contingent and state based forward guidance, explicit sunset clauses for liquidity measures, and a shift to withdrawal of accommodation including repo rate increases and the Standing Deposit Facility to manage the medium term inflation trajectory and preserve macroeconomic and financial stability.