The primary objective of the MPC is to maintain price stability, which means keeping inflation low and stable. This helps to protect the value of money and promote economic growth.

The MPC meets every six months, typically in April and October. The meetings are held over two days, and the MPC releases a statement after each meeting explaining its decision on interest rates and other monetary policy tools.

The MPC consists of six members: the Governor of the RBI, the Deputy Governors of the RBI, two economists appointed by the government, and one representative from the banking industry.

The main tool used by the MPC to implement monetary policy is interest rates. The MPC can raise or lower interest rates to influence the cost of borrowing and spending in the economy.

Changes in interest rates can affect the economy in a number of ways. They can stimulate economic growth by making it cheaper for businesses and consumers to borrow money. They can slow down economic growth by making it more expensive to borrow money. They can also affect inflation by making it more or less expensive for businesses to produce goods and services.

The MPC's target for inflation is 4%. This means that the MPC aims to keep inflation at or below 4% over the medium term.

The MPC faces a number of challenges in achieving its objectives. These include global economic conditions, domestic political pressures, and unpredictable financial markets.

The MPC communicates its decisions to the public through a variety of channels, including press releases, speeches by the Governor of the RBI, and interviews with the media.

The MPC's decisions can affect businesses and consumers in a number of ways. They can affect the cost of borrowing, the cost of goods and services, and the value of investments.

The MPC's work contributes to the overall stability of the Indian economy by helping to keep inflation low and stable, promoting economic growth, and stabilizing the financial system.

The MPC is independent of the government, but it is accountable to the government. The MPC is appointed by the government, and it must submit an annual report to the government.

The MPC interacts with other central banks around the world by participating in international meetings and conferences, sharing information and best practices, and coordinating monetary policy.

The MPC has faced a number of challenges in recent years, including the COVID-19 pandemic, the Russia-Ukraine war, and rising global inflation.

The MPC has responded to recent challenges by cutting interest rates, raising interest rates, and implementing quantitative easing.

The MPC is likely to continue to face challenges in the coming years, but it is also likely to become more independent, play a more active role in the global economy, and adopt new tools and approaches to monetary policy.