It is heartening to note that the Finance Minister, Mr. Arun Jitley and RBI Governor, Mr. Raghuram Rajan are interacting collaboratively to address complex issues involved in containing inflation and promoting growth. The emerging monetary and fiscal policies must be complementary. One issue that needs greater attention is that monetary policy will not be effective unless India's parallel economy the black money is contained and encouraged (through penalty and tax reliefs, get investment in the productive infrastructural investments. The missing middle is all about the black economy and that must get rapidly deployed in productive sectors of the economy. Hopefully, the next national budget will provide a framework to facilitate conversion of black money into white money provided it is invested in long term government bonds that are used to finance infrastructure investments.
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