Chakravarthi Rangarajan on Monetary Policy After Liberalization
Ideas of India
The Importance of Reforms in India
During your time as RBI governor also tried to severely restrict the problems caused by the fiscal deficit and fiscal policy of government of India. This was of course not done in tandem with Dr. Manman Singh, but with Picha Dhamma Ram. Putting an end to the system of issuing ad hoc treasury bills, which essentially meant automatic monetization of the fiscal deficit was an important step. But on the other hand given that you and Mr Chidambram were effectively tying the hands of the government and its ability to spend in Borrow, it has popped up in other areas such as priority sector lending.
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