...........Moreover, successive governments would have us believe that rising prices are caused by supply-side shocks well beyond their control. Then, the government, projects itself as actively fighting the problem of price rise through emergency measures. This, while such price rise was caused by aggressive monetizing of government debt by the RBI and a policy of easy credit in general. As far as monetizing of government debt goes, the RBI has run India’s very own quantitative easing programme by funding over one-fourths of the government’s gross market borrowing in fiscal years 2011-12 and 2012-13. In such a scenario,..............
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