The article discusses how flexible inflation targeting can be adapted to emerging markets like India. It emphasizes the importance of flexibility and coordination between fiscal and monetary policies to manage supply shocks. Effective communication plays a key role in guiding expectations towards the inflation target. While strict implementation initially led to output sacrifices, a shift to flexible implementation helped keep inflation within tolerance bands and supported economic growth. Improved forecasting and unbiased errors indicate the success of the approach. The regime has weathered challenges like supply-chain disruptions and rising oil prices, showing that a long period of disinflation may not be necessary to control inflation expectations.