CPI inflation measure has a lot of imperfections and inflation targeting may be difficult in India, Mayaram told on a national television channel.
The Reserve Bank of India released a report late on Tuesday proposing inflation to be its main objective with CPI as the nominal anchor.
"We know and we have seen that food inflation cannot be curbed purely through monetary policy," Mayaram said.
"There are other structural issues that need to be addressed if we need to control food inflation. So, in my opinion I think it is a little premature to consider CPI as the anchor of our inflation target."