ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Fiscal Deficit, RBI Autonomy and Monetary Management

Changing money supply-process, mainly in response to increasing financial market openness and growing market orientation of the financial structure, has made the monetary targeting exercise more complicated. This is made worse by the continuing automatic monetisation of fiscal deficit. Thus, fiscal correction is an inevitable precondition of RBI autonomy and the efficacy of its policy.

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