India is unlikely to raise its official inflation target and there may be a case for lowering it over the long term, Reserve Bank of India Governor Sanjay Malhotra said at an event in Russia on Wednesday. The country's inflation-targeting framework has helped lower average inflation, the central bank chief said in a conversation with his Russian counterpart, Elvira Nabiullina. India adopted its inflation-targeting framework in 2016, which tasks the Reserve Bank of India with keeping headline consumer price inflation within a band set by the government.