New Delhi, July 2 -- Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said India is unlikely to raise its official inflation target and may even consider lowering it over the long term as the economy continues to maintain relatively low inflation.

RBI Sees No Need to Raise Inflation Target

Speaking at the Financial Congress of the Bank of Russia during a discussion with Russian central bank Governor Elvira Nabiullina, Malhotra said India's inflation-targeting framework has helped reduce average inflation since its adoption in 2016.

India follows a flexible inflation-targeting framework under which the RBI is mandated to maintain retail inflation at 4 percent, with a tolerance band of 2-6 percent.

The central governmen...