It is essential to avoid being dogmatic about independence of a central bank and to approach the subject with reference to fundamental objectives in a given context in a pragmatic fashion, within the legal framework.
Perhaps, in the Indian context and at this juncture, it can be said that the RBI has considerable autonomy in monetary operations but it closely harmonises its policies with the public policies in general and co-ordinates actively with the Government to bring about structural reforms in the economy.