The responsibility for maintaining price stability and controlling inflation in India lies primarily with the Reserve Bank of India (RBI).

The RBI formulates and implements monetary policy to maintain price stability and ensure adequate flow of credit to productive sectors of the economy.

As the central bank of the country, the RBI uses various tools such as repo rate, reverse repo rate, cash reserve ratio (CRR), and statutory liquidity ratio (SLR) to influence liquidity and interest rates in the economy, thereby affecting inflationary pressures.