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The preamble of the Reserve Bank of India (RBI) Act, as amended in 2016, inter alia states: “The primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth.”
Defining “growth” itself could be a contentious issue. Many may argue that it should be sustainable growth, inclusive growth, equitable growth, and so on. While these are important issues requiring a detailed and informed discussion, let’s not get into this here and for the purpose of this article stick to a simple, common-sense meaning. According to the Oxford English dictionary, economic growth is, “The
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