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

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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:

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