MONETARY POLICY - A Welcome, Refreshing Approach : M.G.Warrier
..............In effect, for quite some time now, we have a ‘caged’ Monetary Policy. Top echelons in government, by habit, pre-empt any manoeuvrability available to RBI Governor, by explicitly stating the direction and extent of relaxation in monetary policy, well before the announcement. During the initial weeks after Dr Rajan took over as Governor, there was perceivable change for the better. That was short-lived, though. Last year, while airing his policy concerns specifically about managing inflation, RBI Governor Dr Subbarao had stressed the need for synchronization between monetary and fiscal policies. He also mentioned that..........
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