As the economy slowly comes out of the pandemic blues, former RBI Governor Raghuram Rajan on Sunday cautioned that "drastic changes" in India's monetary policy framework can upset the bond market as the current system has helped in containing inflation and promoting growth.

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Rajan, also a noted economist, opined that the government's ambitious target to make India a $ 5-trillion economy by 2024-25 was "more aspirational, rather than a carefully computed one even before the pandemic".

"I believe the (monetary policy) framework has helped bring inflation down while giving the RBI some flexibility to support the economy. It is hard to think of what would have happened if we had to run such large fiscal deficits without such a framework in place," Rajan told