.......What should the role of the RBI be in the new Indian economy? What should its relationship with Government be? What should the economic objective of the RBI be? Should it have an independent objective at all – or should it be just the “financing” arm of Government as in the good, old days of deficit financing in the 1950s, 1960s, 1970s and 1980s? Should the objective be laid down by Government? If so, should the RBI be given operational autonomy to attain that objective? How shall the RBI be held accountable in the exercise of its powers?...........
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