Over the past five years, the Reserve Bank of India (RBI) has implemented several measures to control inflation effectively:

1. Monetary Policy Adjustments: The RBI has adjusted the repo rate multiple times to manage liquidity and inflation. During the COVID-19 pandemic, it lowered the repo rate to support growth, but subsequently increased it in response to rising inflation rates.

2. Liquidity Management: The RBI conducted Open Market Operations (OMOs) to buy and sell government securities, which helped regulate money supply in the economy. This was crucial in ensuring that inflation did not spiral out of control.

3. Inflation Targeting Framework: The RBI has maintained a clear inflation target of 4% (with a tolerance band of 2% on either side). This framework has guided its monetary policy decisions, helping to anchor inflation expectations.

4. Data-Driven Approaches: The RBI has utilized data on consumer price indices and other economic indicators to make informed decisions regarding interest rates and liquidity measures.

5. Communication Strategy: Effective communication regarding monetary policy changes has helped manage market expectations, contributing to stability in inflation rates.

In terms of success, the RBI faced challenges, especially in 2022, when inflation surged due to global supply chain disruptions and rising crude oil prices. However, its proactive measures helped mitigate some adverse effects. While inflation rates have shown volatility, the RBI’s actions have largely contributed to maintaining stability in the Indian economy, although further vigilance remains necessary to address ongoing challenges.