Reserve Bank of India – Annual Report 2008-2009
Asset-price bubbles driven by credit boom and excessive use of leverage has to receive greater attention in monetary policy, notes the latest Annual Report from the country's central bank.
The report notes that fiscal policy has to recognise the limits of a procyclical fiscal stance, and the importance of adequate fiscal consolidation and sustainability as a necessary stimulus to high growth and stability. It also notes that leverage-driven or export and capital flows dependent growth could
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