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Answer:
Approach:
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Introduction:
The evolving economic landscape and major crises have brought central banks worldwide, including the Reserve Bank of India (RBI), into sharp focus. The traditional role of central banks has been predominantly about maintaining monetary stability, primarily through controlling inflation. However, the dynamic nature of the global economy and internal economic challenges have raised a pertinent question: Should the RBI’s focus shift from primarily targeting inflation to aggressively promoting economic growth?
Body:
Current Role of RBI:
RBI’s Evolution and Economic Growth:
Arguments for Shift in Focus:
Balancing Inflation and Growth:
Global Trends and Comparative Analysis:
Conclusion:
While the primary role of the RBI in controlling inflation is critical for economic stability, there’s an increasing need to focus on promoting economic growth, given the changing global and domestic economic scenarios. The RBI’s role in fostering financial inclusion, supporting the digital economy, and providing a conducive environment for growth-oriented policies should be strengthened. However, this should not come at the cost of neglecting inflation control, as it remains a fundamental aspect of economic stability. A balanced approach, adapting to evolving circumstances and leveraging technological advancements, is crucial for the RBI in steering the Indian economy towards sustained growth and development.
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