The India Policy Forum (IPF) is organized by the National Council of Applied Economic Research (NCAER) in New Delhi in partnership with the Brookings Institution, Washington, D.C. It aims to examine India?s economic reforms and its economic transition using policy-relevant empirical research. The IPF comprises an annual international conference in July in New Delhi and the IPF Volume that brings together the conference papers. These papers undergo detailed revisions after the conference based on discussants? comments at the IPF and the guidance provided by the editors. This book comprises papers and highlights of the discussions from the Twelfth India Policy Forum Conference held on 14?15 July 2015. In particular, this volume of IPF focuses on inflation that has emerged as a leading concern in India. By early 2015 the inflation rate had fallen to 5.2 percent, leading to questions both about how to explain movements in India?s inflation, and whether this more recent moderation under the Reserve Bank of India (RBI) led by Raghuram Rajan was likely to endure.