Based on the analysis of the peculiarities of the implementation of monetary policy within the framework of inflation targeting, it is shown that objective reasons lie at the basis of its application and evolution: a decrease in the growth rate of consumer prices, an increase in the integration of the world economy, the ineffectiveness of the implementation of other monetary management regimes in open economy. This is also true for India, which has gone from financial mechanisms of a centrally planned economic system to inflation targeting, the approaches and implementation tools of which have been adjusted taking into account Indian realities. It was revealed that the inflation targeting regime in India, along with other measures of macroeconomic management, became one of the elements of the system for maintaining financial stability after the 2014.