Rigmarole on Monetary Projections

Deena R Khatkhate Monetary projection exercises in India have served, on the whole, a very useful purpose in that they have provided a logical basis, however imperfect, for the policymaker's hunches and judgments. This paper argues that most of the criticisms directed against these projections are misplaced for the reason that they attempt to place them in a strait-jacket of preconceived ideas and theories.