ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Missing Elements in Monetary Policy

Missing from monetary policy is a concern for the distribution and cost of credit to the productive sectors. Instead of setting indicative targets for the growth of money supply, deposits and non-food credit - all of which have to deal with imponderables - the Reserve Bank of India's policies should be focusing on credit distribution exercises that have direct implications for the production and investment plans of industries and also for attaining other macro objectives like price stability.

MONEY MARKET november 24, 200727Missing Elements in Monetary PolicyEPW Research FoundationThere is a surprising observation in the Reserve Bank of Indias latest mid-term policy statement of Octo-ber 30, 2007 which tends to reprimand the central banks of industrialised countries in these words:

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here


To gain instant access to this article (download).

INR 59

(Readers in India)

$ 6

(Readers outside India)

Support Us

Your Support will ensure EPW’s financial viability and sustainability.

The EPW produces independent and public-spirited scholarship and analyses of contemporary affairs every week. EPW is one of the few publications that keep alive the spirit of intellectual inquiry in the Indian media.

Often described as a publication with a “social conscience,” EPW has never shied away from taking strong editorial positions. Our publication is free from political pressure, or commercial interests. Our editorial independence is our pride.

We rely on your support to continue the endeavour of highlighting the challenges faced by the disadvantaged, writings from the margins, and scholarship on the most pertinent issues that concern contemporary Indian society.

Every contribution is valuable for our future.