MONETARY POLICY AND ECONOMY OF INDIA

Abstract

The Atmanirbhar Bharat scheme, meaning Self-Reliant India, aims to make Indians self-sufficient by relying on locally-made products instead of imports. This scheme includes a Rs 20 lakh crore package, equivalent to 10% of India's GDP, that will be implemented in five phases. Monetary policy planning has also been initiated to regulate and control the supply of currency and credit, with the government and the central bank taking measures to study and improve India's economy. The ultimate goal of Atmanirbhar India is to make its people self-reliant in every way possible. The purpose of this research paper is to study the impact of monetary policy on the economy in the Atmanirbhar and Developed India campaigns. In the presented research paper, secondary data has been collected for the study which has been done based on various magazines, newspapers, economic survey reports and reports presented by the Central Bank of India RBI. To achieve the goal of self-reliance and development in India, monetary policy alone is not enough but coordination of fiscal policy is very important.  If both the Central Bank of India and the government decide their policies together, then India can move rapidly towards development.