Implementing a monetary policy stance which is more lax than is justified by the monetary, financial and economic conditions will not solve this problem. Instead it will exacerbate it over the medium term, as inflation distorts investment and savings decisions, raises the risk premium in long-term interest rates and undermines the allocative efficiency of the price mechanism.
Digital Revolution India is playing a pivotal role in the ongoing fifth technological wave – the information and communication revolution 9. We have emerged as the largest player in real-time payment transactions globally, with a share close to 50 per cent.