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23 JAN,2022 | MEDC
The government should refrain from putting the responsibility of enhancing national economic growth on the monetary policy of the RBI. That has a different role to play in the revival of the economy. Thanks largely to GST, robust tax collections have given the Finance Ministry a fair amount of space for an expansionary fiscal policy. The Budget should capitalize on it and focus on fiscal expansion. The job of taming inflation (which is also an important determinant of growth) should be left squarely to the RBI. If RBI has to increase interest rates to contain inflation, fiscal policy can play an offsetting role. Carefully calibrated monetary contraction and fiscal expansion will do our economy no harm and probably some good. Inflation is the biggest challenge facing our economy today, and RBI should be given a free hand in dealing with it. Fiscal policy can help supplement monetary policy in the growth process, but their individual roles ought to be clearly demarcated.
*Photo Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra