Former RBI deputy attacks government over fiscal dominance
Recent actions by Indian government are “tantamount to coercive monetisation”, says Viral Acharya
The Indian government’s finances have become such a dominant concern that they are undermining both monetary and financial stability, warns a former Reserve Bank of India deputy governor.
Viral Acharya, who quit the central bank amid signs of government meddling in July 2019, says fiscal dominance in India has gone so far that it has spilled beyond the monetary domain and into the financial.
Acharya notes fiscal dominance is typically thought of as a situation in which government debts have
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