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GET4-YEAR TERM
, .
;,-AslanaGayallS
amember ofthe
PM's economic
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at Indira Gandhi Institute For
Development Research
•
,. Shashanka Bhlde
is senioradviser.
research programmes,
at the National Council Of
Applied Economic Research
, .► JayMtflVarmais
professorin finance
and accounting area
at IJM-Ahmedabad
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♦ T~e ec.onom1cs times [ Nb1$Ja~er] ·
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♦ WJW. ind.iariioline .c.om
♦ https://WWW. bu..sines!.{oday•.in
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Monetary Policy committee_Project work class 12

  • 2. ~ ----~~~PuBLic ScHOOL • SESSION Zo23-24 NAME : CLASS : XfI·J> ~mlnerce) ROLL : a , NO, SU8MITTED To: d
  • 3. ~ " ' I Weulcl #Aook, G,eJ ~ h~~~ -ah~ te ~ v;t, :;t£u.81 p2tj.t.4 yVJ<l.ft, A,u,cu.hA!. j J • L &2!1t1 hi:b, J '5 f':t
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  • 6. ..lL• - :-..._"-1~ ' -~~ ,, - '~9 ~ Central -&nK. Rf India -t•Ti1e RB.I. iJ:,, ±fu__ (e,.,,J:raL BanK. O;f 'Jncl.i:... ~ i.~ ~ ~ rnd,aL i.Ysbtu.-b:O.n. ~ -the COUY'.·'t.oij'b YYOY1~~ s~'Y. $;t YCfjLA.lQ.tu. t:Ple. e...-."W'e... E:8'("Ki.rg- .sy~. ➔ • ~=-:k@ ~ - The.. Ce.vttral 6anK. was 5et. up based. cm. tl-ie "fec.omme,,d ati.aY oJ- 19.26 Hi.lto'r- ~ou"'8 Ccm-n1s,.ion. The UJl'Yroisston :::,U.~iested ::!:¥le 'h9me'-'-Re.se.,,ve Ban~ ~ Irdi.a 1.,• ➔ • The RBI was e.slab.is¥>ed Or Apvi.l 1.., C36. -, • ~ Centro... ~sic..e o_f the RBI. was jn-M~ Set LV ..(.a.C-1.A-tta but Was .peYman~Yt'o/ moteol -:o Mu.ffi'oa~ .i..- ~3-+. ~ • lJu, CwdiaL BanK. io.Ja; ~ c,Lj Sub ~c.~. --~---.-1---------, ~Kcd:a., c:A~ ~ ~~
  • 7. • :.: •• ~ hd1ff.?LJ~ hr~ ;_- ~ ,.u.,, ~ ~~ 6-'~~ uer.&AL , ~--AU ~ -i;;;--....:Ci'..L ~ ."'. J , " ~~--~~ f.&,. t}u.t.&____:i::r, ii•tf' ✓/r..«4¢ i-"~ ~ • :k ••-b uf! tzi:,,r.,.,,~_ c; -'&Vr"•"a-:W rl, ht .qj: -th ~ C-tM±Mt ~ olJ, ft: --0~ ~ ~ :r Af1£hulµ: En'.. v"0'-oyq1;;)),~ I &4°'1' ~ - •PA/1llt(.~ tn,-,att:,}(f' ;k ofb-0'. ~l.v¼.&"&dX..___ ~-dCllh.rr -<r,, -hu.¥ rMJ t.C..f>:l,~ fclii:i•! •
  • 8. • ...,,,.,. 0 -~--- i,-~ ~J~~" - h 1 'i ~ UJ.d14 ~ e(; All ~ ~ ~ ~ ~ ~ ~~ i2~_t& &Ja:"~ ~ ✓.c)~w ~~ JA&h. l{>t_ j l!. :-u:r --~ ~ /!_a;t) ..~ 1¥«tYv ~ L (4. Ir ;.! ~ t • • •
  • 9. ~ ' , ' ! •i&,9rCMM, 0ov~/lJor - Si,v Ct> ~ I • I ~~~-Si!dl,,,,1-e"fj9 ~~~~ : ~ Miniroun Te.nuve, - AG:tbf¼.h, Cl6th) 1 1 :_ ,tt.tlv (D<,nu>~)- P,,.~a R. fub L 1 I ~ 5 ~ f<.Bt- C1JOVTJICM'1, - Qx. H ~ I . ' ~ , ,¾r1:J.M, eM ,N:h.&: W:e>:tke{, • AA .(l. f<_Kl.. k)O{tJt., ~ ~ I {9~;l i&t t9 80) 1 ,• 2S:th wavoua- Sf,.~kwvrta✓ b : f fr½"v-.. :1,.:,I'& :t.lli bcde✓ ''' '•------------------""'
  • 10. MonetaJY Policy - - Mone.~~~ilu.~~~~~ ~t't&b'A~~ ~Jo.~;,~, ~~A,w:tt,et,~~-tfu.,~~ ~ ~ ~ L - ~-14~ ~ ~~ ~ ~ ~ ~ J.. J&w- ~ - ~ j;,, ~~~ ~ ~ ~ - ~ ~~- . *~" 1'AY> f~ ~ ~ ' ~ ~ ➔ ~ J M , ; h , ~ ~ - ~ ~ ~. -it 4 j ) t ~ JJ.lal_d,, ~ • ~ jg ~ ~ .w,. 4, ~ ¾~~JtOh&,,Aeilo;t~-<!,u.cUt, • ~ ~ ~ ~ ~ · • ~ -U-AA,~ d.u"~~~~ /0o~ ~ .,W, ifu. JUWMWf ~ ~ ~ I ~ ~ ~.1}.c.,~ Ml~~ ~ ~ ~ -Jiu,~ ➔ ~ ~ ~ f ~~ ~ awt vciliw...
  • 11. £ ff ~ ~ £ 1 £ 1 L -t;Jt ~ II ~ - 41:,,1 ~ - = = ~ ::~ e::. ~ ~ ., ~ 1) ~ 3tab~ - T.k -frtimo"'i ~ &6 H~ ~ j-6, :Ur ~ ~U<, ~ ~ ~li.y. H~~ ~ :t,w.&, b- k..u.f> -Jiu. v~ et ~ ~ . &AA.~~~ .(.o./VI. ~ ~ ~ J J M , ~-~~,(~ 0 ~~~~~~OM.d~ ~'~~~~-fl~ · 2)~1«.~VY~-~ ~ ~ da., JW..t. .(fl, .x.uJ. ~ ~ ~itA. MotA.k~ ~ ..GoM, ~ ~ ~ ~~~~ ~ ,ud;a, -4Md. .jU, ~ ~ ~ . ~J..¥.,~'<.o:b.,~,.u+J.w.J..~ ~ ~ -ifu., ~ ~ JMJ-"' WUA . ~ ~ ~ -44 ~ .it' ~ ..,,~'1 ,.4.&A,«u~ ,A.M, ~ 4,t~~• 3~fuU ~ - fuu, ~ ~ ~ ,Jiu, ~~ ~ All.~ ~ ~ ~ bi 0/VJ. ~ -p ~ ' tc,t ~ ~ -;.tu. f>'Uv~ ~ Ydt.. ~'(tJ.. ~ ~ .1D..vf~ a, ~~oir-- c,u.Ji,t ~ . ~ ../YL,~ -Uil~ ~ wlil. ~ ~~~i· 0 1-----i!i""'"~--~~----:::--.-:---------i;;:::;;,----:;:--~
  • 13. •Mon~ ~slwr ~ 4, A ~~ ~u.- ~ru:~d. ~ ~ ~ . 'll ~ ~ ~ ~ -tN- ~oxk. ~ .x.oit., .»YJ ~di.a.. • TJv, ~ J..b ~ -tl.~ ~ lh- ~ - • 11,.t, Mfc, fu ~ t.e- ~ ~ ~ .om.J, .it ~ jh ~ ~ ~ ~ ~-"t4~t.L-- ~ "6t ~ B'I ~ ~ ~ ~ ~nc,j.,u). ~ 1'u- ~- ~ ~ - ~ ()JU ~ ½'~ ~ & ~ ~ Jfv., ~ ~ ~ ~ ~ A ~. 1Ju, ~ ~ ~ ~ ~ ~ ~ ~ 4·J. ~ ~~ ~ 31 M~ 7'.o~6 ~ ~ ~ ~ ~ 6't. ~ .a., ~ ~ ~ l'I.. • 11t_ ~ WCIJ ~Jul.. ~ ~ M (~) 1 lo1i : t h ~ HPc, ~ ~ .._-.,............ -"-"' '-"'-"- ~~~OM!~ .w..Fr J.'rJ.ia'+ ~ M-1.h lJm-«i~ JN ~ :jo. fu~i~c4<A.-4,~~~Jfu.~ ~~~~~-
  • 14. R ~ ~ ~ (~pe,) ~ ~ ~ h ((~1. ~ JJ.»t, ~ .1Ma ~ --oJtl, ~ jJi.;_. R.~1 ~ ~ ~ ~ ~ "1xL ~ ~ ~ - ~ ~ ~ , k ~ ~~ I ~ ~ ~ ~ ~ ~ ~ ~ .o.,u. ~ ~ ~ ~ R.B-r.. 1At ~ ~ ~ ~ ~ ~ ~ .fJ'Y, jf..;., ~ ~~1 A~~~ j.&, ,W ..-bJ.- ~duJ, --½- ~ ~ ~()iL~. UL ~ ~ te- ~ ~ tw-x- ~ mv ~ ~ ~ .tMoJu, ~ ~ -did~ ~ ~ ~ ,1fu>u wW- .h,e, ~ &~~ ~ ~ ~ - 1h JuAW-W- ~ kp~ ~ ~ ~ ~ :twe, ~ - ~ ~ M~O., ~ ~ er ~ ~ ~ ..a., ~ ~ JJNJ_ ~i ~ v~ t~- ~ .t-..lJJ. ~ ~ ~ fu JooJ,.'ui 1- jY'{~ ~ - • Lb& :aw ...
  • 15. GET4-YEAR TERM , . ;,-AslanaGayallS amember ofthe PM's economic advisory council (PMEAC) and is professor of economics at Indira Gandhi Institute For Development Research • ,. Shashanka Bhlde is senioradviser. research programmes, at the National Council Of Applied Economic Research , .► JayMtflVarmais professorin finance and accounting area at IJM-Ahmedabad •lfu_ ftYWM, ~ j,t. -te- o.d~ ::>iJ, ~~~4+~~ ~ ~~~~9'1--~~b~ ~ .!au~ ~ ~ - . V u , ~ ~ ~ J-o~ ~ ~ ~ ..a.J.., ~~- ,) 61o~ ~ Re,1 aivtcl ~ - s ~ DoJ.,. ~ · di, l) ~ ~ % -JJu_ ~ ..wv CJ~ et ~CiJt~ ~- ~~~ lil 3) Ewutw.t, ~ st ~ ~ ~ c.hwup- 1 Jv{~~- ~~~ Lt) ~ &tc ~}U.,('(,.• ~ I t , ~ a.J..ti,~ ~- A~~- 0 5) ~ o..c!~ i:d: J:'u., ~ hJ~" t fp..J ~ ~ ~,J, ~ ~ - s~ ~ ~ 6) tA/Y.M'.U 0/YJ_ ~ ~ o:!- ~~ ~ ~ '1 ~ )Af,wm.la.b.J_ J~.;r
  • 16. Oo chg '~a . u~~n~- TN p1 JV1 .,1.H)..f i....~ l,('ifl V v ~ , f'1 !) ,., ( ~ l~U..Lli- . . L~~ -.. HUl """"'11~ C ~ ' <...: ~ ,_' ~·-- ~ J;,i,. I., ~ .. 0~ il oa A fy1 ,Y- ~ ~~ JtcfU?- ~-L ,l. '1 '"Y ... ~ Jj' t,fi>J ·.,,l, -~t_, I - 0 ~. 1 ,..,. J VJ.,U.., 1LLL;~ ~~~ fvo~ f~- Opt~--~fR,i, J.f1 I ~ • . l,r_ I tf ~ 0 C ue oc; "' , 0 C □ cy Oc DO~ o~o a(,ta D 0 D 00 I ' 0 Oo oQ~ 00 cc I I
  • 17. ~ ~ ~ ~ ;; -'3 • ·•·. • • • • • • ··• · ... • • • • • • •• • ·•· . • • • • • • • • • •• • • 5) ~- ~ ~ ~ .{Ml u ~ •• • • ~ ~ ~o.U ~ ~ ~~.Uuii ~ ~ ~ ~~ t~ ~ * o.ddx,u&, t ~ ~, 6) ~ ~yda.l ~ - Vu, MPC Jli ~ iNv ~ ~ ~ .vrv ~~- HPG ~ &~~~~~~ ~ QMi;I., Mi:btwv 1~ ~. frt ~ ~ • • ~ SE~l ON1J J . ~ ~~ l¼'d ~ • • ~C:rROM ~ ~ ~ ~urJ ~ - =1-) M~ ~ 3 ~ - 1AL MPG ~"''~Vl.uvt.ll } ~ ~ ~ ~ ~ j;fu_, ~ Qf;- :th ~ w ~ ~ ~-~ ~ 61W~, ~_, ~ ~ ~ ~ ,. ~ - 11tt, ~ ~ v~ ~ ~ ~ •... :J:zy ~ h J.o:l:o., ~ ~ ~ ~ . •~ -· ~) ~ J+6#:, 6 1 ~ - 1Ju, H~C ~ ~ ~ ~ ~ ~ ~ ~ Maiv ~ ~ ~ - ~~~ ~ ~ ~ ~ f;-O't w.u-wt ~ qtn b.;J...Tu-• -:• : ~,.,-~--D • • • • ·-· • • • • • ·•· • • ' . • • •• • • • • • • • • :• • • •
  • 18. Instruments of Monetary Policy BANK RATE ·---·· 111111 111111 •· I 1111 Ill ' ,.,·~- _ RopoR•t• . ~ 1"'- ~~.U/1)1,~ 0..0.t. J.~~ .(.~ ~ •,- 0 l Qw:i,~i.~ ~ ( _ 1 - ) ~ ~ " ~ vn QL'• 1'.11 Tt11"IVE M(llOf.S -l ~ ~~~ ~~ ~ /~'4. &ob · ~ .4~ -0.Md., ~ ~ ;ifu. ~~ . .+ BANK f.?.A1E. :- ~ ~ ±e 1N. ~ ~ i..~~ ~ ~t~ .kN. is1 ~ ~ ~ ~ .,um.~ &..~ ~ ~ :tal ~ ~ ~ ~ fJt ~ u,.~. ~ ~u. .i.w ~ .x.o:tt,, jfu_ ~ ba.~~ ~ ~ .,~• ~~ .MN &J,c.&~. ➔ REPo RA,E :- ~ ~ :ta 1fu. -9o:b. u ..u,tJ:c.P-. RM. t)Wd.u. ~ XlM'nl., ~ ts- ~ ~- ~ .Ah.& ~ ~~~,A~ & ~crl;w,J. st ~ r . ~ - 1 ·RMRSE R[('(J RA1f ,_ fu ,>«<t,,, o.t ~ ~-t,.,.Ju, ~~~ ~ ~ R B I . ~ ~ ~~~d~~~il~~~ .wiJJ. ~ ~ ~ ..0., ~ ~ ~ ~ ~clt,~...J F·
  • 19. ® (§ 1~ , : @)~ ... - - Open Market 0 Operations 0 ;J ,. I ,1 1:li ~~~ ~ ~ ;:61 .. OPCN MAR.Kel cf>cRnnoN .s :- ~ ~;re~ - ~ 1 ~ ~~ ~ ~~ ~ tt1t- ~ ~ ~I ie- :¼fu.. ~ -<>Md. ifu, ~ ~ . 01--0 ~c;t iN. ~ ~ ~ ~ ~ 0/VJ ~ h ~ two.J~ 1 -w.d.J:. __. {0~!lSl~VE Rl'lllQ ~ ~ ~ -t.e ~ ~ -&x,o-rf .vm. ""- ~ ~ 1;&W. ~ .i&- ?t. kapt ½~ ~ ~ MIR.~ ~ - ~ A>. -0.. ~ ~ :;t&- ~ wJ.a OM().~ ~ ~ J!,u_ ~ - .. TATV1uR/ l lGVIl)11 1 / fl.t), I.DC. (,LK_} ·.- llt ~ :t& ; t u . ~ ~ ~ ~cJ_ ~ ~ w-'rMYJ,~ ~ Ox.I. ~ ~ ~Q)./1/J w,Jh, J9wm.i..liv-u. J.,... ~ ~ ctf; ~d. .Q.Uuf . 'CN. ~ ~ ~ ~-i) CoJ.l Qi) ~ w,.) ~ ~ 4-1,WJ~. 1h Kait. 06- SLR ..iJ. ~ ky ~ &,..'A. ~ ,j.}, " ~ ~ ~:ts,~-
  • 20. hfl1 .---------------.... ~i I LB) &oAL"lTAHVE HEHi ODS gt~ -r,.,_ ~ .,, wd;tJ,~~ ~""'-.....,, tQJ~ &t Ji,u_~ &/5 ~ . 28 -+ RE~ULATION of C.oNs.ll'-IER CREDIT :- ~ %.A """""'1, ~f ) .tJU.dJ: ~ ~ ~ ~ ~ ~ ~ . ~8 llww.Jk ~ 11'°'4 QIU ~ - -1-i,.,, "'"'"''-"- <un~ f ~ 0-Nd ~ JYVack .,l/Y, ~ - ::: grMA~VlIN RWlJJJZ~HnJT :- ~:., & ~ ~ . ~;:, -jfu, ~ ~ ~ ~ ~ ,Ju_ ~ ~ ~ CUJ~ I ~~~~Mu-~. ~ 1 ~ " .. CRtDIT RATIDNlNCi :- 4±- ~ ~ ~ ;:r-- .o,oJ, ~ ~ } .lot,,,,., -'<lXh- ~ ~ """ j' ~ &1.~ ~-4(,l~ ~ ~ ~ #&W' * §_., ~ .te- .a, ~ ~ - ~ ~ .. MORR L SUA SIO'J -:.- ~ ~ ~ ~ ~ ♦ ~= ./NO.J.t ~ ~ ~ :t& -¼Pu. ~ -b~ ~=?3' ~ d/1.L ~ ~-"t :!Iv.. IR.BI. ~ :-.-1~ ~ J./)(.Jx.~ ~ ~ ) ~ ' Si..:, ~ ~ .-o-cW-ic.u .ck,. ~ -wJw, i&u- ~ ~ ~dtu S--: ~~- ~~ L._ ~-~ . -- ·-.. ._..._______
  • 22. w q ,. I'- j. ltT I ll L f ~ I :{kc.WO t:1-.t. - r.L.,'y I 'FAJ-il ). ~ 1 .Ghv, -.uuu Eb Jit. .Vl.1..u, iiti< r! •w~t iJc ~.... , i.s1 ,w..Jl ur(.)' 1- l.,).(,.1 j , l • ~ ~ "" l l ~ fo1.~.#J.r 'i ~ ,(..._ I, ' I ~1.1,,f ~A( ,-, U,,<.U,. - t ~l v..u .,;J... tw ..:,d"-wf-.fl', ~ I k,~ 1_ lt 1r-- .,, l I L
  • 23. IM■:mMMl11M ~ t . ......-;:;.... c..Jl.=a- ....,___ ........ - .....JlwT.,.... •.-o -~~ -Ul"'Ul- -- -- -- -~" <3~ &.SO :J,•i- . .- .,,,.. w 451 1 U l - - - - - l l 5 · I l I lO I i ...... "-C Dlc·-.W ~ 5o!op ~•Joi I 'J ' 5 7 ' ~ ~ i.. lu, "-4" ._.,. i,:T "'-1 ~ - ~ ~ ' C S :·<.·. 1:i R81- ~ ~ M-ii- o:t (,'.n ., ~ f;o.u .·. : - ~ ' ('1:1"1 CilDP ~ t&"-~ UYltha.lr,J 6-S'}• : /-" rlf2~ . t ~ ~~ U~c.ho.-.yst o..-1: !;,l.fy. ·.·f! ~Br ~ ~ 9Y'- w,a·hdto..u.--L '{,, , :_: ~cdQM, ~ ~ , :t°M~-l~~
  • 24. . 1R.t. HM~ p~ ;,, ~ c/Y'r~ ~ ~ cuvJ. »Ylbtuu Q ~ <.,<.tJ;;l ~ -;jJ;- :lfu.., -r,ockdi-ut ~ 1 -J/,.t, ~ - 1At ~ t~ ~ j:/u, ~ ~JG,t :lfuteu.r'- 4 ~ ) ~ ~ ~ ~ ~ ~ a,u., ~ vl/",v~o.ctt.d ~ ~ ~ j , ~ ~ . ~ ~ ~ #u., ~~- ~ ~ oJl>& ~ iNv ~~ ~ ~ ~ ~ ~ ~ AU/4h vaA,, ~ ~ ~ - ~ ~~ ~ ~ ' ,&,tu~ vc,<vYv ~ ±fL ~ ➔ MPc .iNv JYY-WY.un·Jfu., ~ - ~ ) ~ Jicdu CVr'.C1 ~ ~ ~ ~ ~ ~~- ~81 ~ M~ f~ :te- o.tNWL ~~ ~OM.ci~.
  • 25. • ~1, I ~~ '~D~t~ ====================================================n1 ~ I , .;,,, ~ I • ♦ Introductory Macrf!)economic.s [J.P. Gtoel] ♦ T~e ec.onom1cs times [ Nb1$Ja~er] · ♦ www.medetarianse21. Con" ♦ WJW. ind.iariioline .c.om ♦ https://WWW. bu..sines!.{oday•.in ♦ w~w.l,~ernint. tom • ♦ W-a-r I b. . h.~! / www.v Lotg:1n • . ~ ♦ httf,5: 1/m.timesofir~lia. tol'V' . ------- ---- . .-- ~~~--r l . tr~, 5-hcw.L±~ I • · - ~1· Jiv,..~ . . ~ . ~- ; . I . • - . • - ~ • •• : , , '_ • • l"'-' ~: • •• •• • • :• • ...... ,:•>• ..,:•:,:•• • -:;:,: !t•~;'~,~ j;•;t•,•¥•