The outbreak of the global financial crisis, triggered by the US sub-prime mortgage crisis, has brought several issues related to monetary policy to the forefront. Unlike wider awareness about monetary policy in the United States and the Europe, the world is not well read about similar experiences in an emerging economy like India. This book is primarily a humble contribution to spread awareness about monetary policy in India, which presents a successful story, of achieving high growth rates with largely stable prices for last three decades. Beginning with an analytical review of evolution of monetary policy in India, this book highlights various empirical issues related to the impact of monetary policy on the economy. It explores dynamics of monetary transmission mechanism by introducing a ‘synthetic framework'' to the literature as also examines key issues related to the current operating procedure of monetary policy, before drawing up policy implications for conduct of monetary policy in India. The book will be a valuable guide for researchers and students interested to learn about conduct of monetary policy in India.