In India, which one of the following is responsible for maintaining price stability by controlling inflation?

1. The question asks which entity in India is primarily responsible for maintaining price stability by controlling inflation. 2. The Reserve Bank of India Act, 1934, was amended in 2016 to establish a formal framework for inflation targeting. 3. The primary objective of the monetary policy framework in India, conducted by the Reserve Bank of India (RBI), is to maintain price stability while keeping in mind the objective of growth. 4. The RBI uses various monetary policy tools (like repo rate, reverse repo rate, CRR, SLR, OMOs) to control inflation and keep it within the target range set by the government in consultation with the RBI. 5. The Department of Consumer Affairs deals with consumer protection and welfare, not directly with controlling inflation through monetary policy. 6. The Expenditure Management Commission was set up to suggest reforms in government spending, not primarily for inflation control. 7. The Financial Stability and Development Council (FSDC) is an apex body for macro-prudential supervision and addressing inter-regulatory coordination issues, focusing on overall financial stability, not specifically day-to-day inflation control. 8. Therefore, the Reserve Bank of India is the institution primarily responsible for price stability through inflation control.