New issues in Indian macro policy.

Contents

1 The old world                                                        3

2 What has changed                                                4

2.1 Globalisation .................................. 4

2.2 Government control of finance has partially eased .............. 5

2.3 The business cycle ............................... 6

2.3.1 Monsoon shocks matter less ...................... 7

2.3.2 A more conventional business cycle .................. 7

2.4  Exchange rate inflexibility ........................... 10

2.5  The fiscal crisis has partially abated ...................... 10

3 Looking forward                                                   13

3.1  Fiscal stability .................................. 14

3.2  Stabilisation ................................... 18

3.2.1 Monetary policy ............................. 19

3.2.2 Fiscal policy ............................... 21

4 Conclusion                                                          24

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