Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&amp;rsquo;t buy or sell things, or even produce them, the government doesn&amp;rsquo;t get enough taxes. So, economists have been predicting that there&amp;rsquo;ll be a big shortfall in Modi sarkar&amp;rsquo;s tax revenues this year.&lt;br /&gt;
&lt;br /&gt;
The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.&lt;br /&gt;
&lt;br /&gt;
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&amp;rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for...&#039;,
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&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

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It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for..."/>
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                <strong>RBI&#039;s bonanza: Fiscal deficit by another name -Aunindyo Chakravarty</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.<br /></em><br />We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&rsquo;t buy or sell things, or even produce them, the government doesn&rsquo;t get enough taxes. So, economists have been predicting that there&rsquo;ll be a big shortfall in Modi sarkar&rsquo;s tax revenues this year.<br /><br />The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.<br /><br />Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.<br /><br />The RBI then didn&rsquo;t like this. Urjit Patel, believed to be one of the more pliable RBI governors, didn&rsquo;t play ball, and his deputy, Viral Acharya, gave a speech &ndash; that went viral &ndash; pushing for central bank autonomy. Patel didn&rsquo;t last long and neither did his deputy, Acharya. The stage was set for some of the reserves to be given to the GoI.<br /><br />Patel&rsquo;s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain.<br /><br />Please <a href="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name" title="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name">click here</a> to read more. <br /></div>               </font>
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</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
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&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
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We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&amp;rsquo;t buy or sell things, or even produce them, the government doesn&amp;rsquo;t get enough taxes. So, economists have been predicting that there&amp;rsquo;ll be a big shortfall in Modi sarkar&amp;rsquo;s tax revenues this year.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&amp;rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

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&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for...&#039;
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It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

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                <strong>RBI&#039;s bonanza: Fiscal deficit by another name -Aunindyo Chakravarty</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.<br /></em><br />We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&rsquo;t buy or sell things, or even produce them, the government doesn&rsquo;t get enough taxes. So, economists have been predicting that there&rsquo;ll be a big shortfall in Modi sarkar&rsquo;s tax revenues this year.<br /><br />The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.<br /><br />Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.<br /><br />The RBI then didn&rsquo;t like this. Urjit Patel, believed to be one of the more pliable RBI governors, didn&rsquo;t play ball, and his deputy, Viral Acharya, gave a speech &ndash; that went viral &ndash; pushing for central bank autonomy. Patel didn&rsquo;t last long and neither did his deputy, Acharya. The stage was set for some of the reserves to be given to the GoI.<br /><br />Patel&rsquo;s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain.<br /><br />Please <a href="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name" title="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name">click here</a> to read more. <br /></div>               </font>
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&lt;br /&gt;
&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&amp;rsquo;t buy or sell things, or even produce them, the government doesn&amp;rsquo;t get enough taxes. So, economists have been predicting that there&amp;rsquo;ll be a big shortfall in Modi sarkar&amp;rsquo;s tax revenues this year.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&amp;rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.&lt;br /&gt;
&lt;br /&gt;
The RBI then didn&amp;rsquo;t like this. Urjit Patel, believed to be one of the more pliable RBI governors, didn&amp;rsquo;t play ball, and his deputy, Viral Acharya, gave a speech &amp;ndash; that went viral &amp;ndash; pushing for central bank autonomy. Patel didn&amp;rsquo;t last long and neither did his deputy, Acharya. The stage was set for some of the reserves to be given to the GoI.&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-Newsclick.in

It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

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&lt;em&gt;It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&amp;rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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It&amp;rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

We all know by now, that economic activity in this country has come to a grinding halt. That&amp;rsquo;s not just bad for...&#039;
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                <strong>RBI&#039;s bonanza: Fiscal deficit by another name -Aunindyo Chakravarty</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.<br /></em><br />We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&rsquo;t buy or sell things, or even produce them, the government doesn&rsquo;t get enough taxes. So, economists have been predicting that there&rsquo;ll be a big shortfall in Modi sarkar&rsquo;s tax revenues this year.<br /><br />The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.<br /><br />Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.<br /><br />The RBI then didn&rsquo;t like this. Urjit Patel, believed to be one of the more pliable RBI governors, didn&rsquo;t play ball, and his deputy, Viral Acharya, gave a speech &ndash; that went viral &ndash; pushing for central bank autonomy. Patel didn&rsquo;t last long and neither did his deputy, Acharya. The stage was set for some of the reserves to be given to the GoI.<br /><br />Patel&rsquo;s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain.<br /><br />Please <a href="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name" title="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name">click here</a> to read more. <br /></div>               </font>
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-Newsclick.in<br />
<br />
<em>It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.<br />
</em><br />
We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&rsquo;t buy or sell things, or even produce them, the government doesn&rsquo;t get enough taxes. So, economists have been predicting that there&rsquo;ll be a big shortfall in Modi sarkar&rsquo;s tax revenues this year.<br />
<br />
The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.<br />
<br />
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.<br />
<br />
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<br />
Patel&rsquo;s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain.<br />
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Please <a href="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name">click here</a> to read more. <br />
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<em>It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.<br />
</em><br />
We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don&rsquo;t buy or sell things, or even produce them, the government doesn&rsquo;t get enough taxes. So, economists have been predicting that there&rsquo;ll be a big shortfall in Modi sarkar&rsquo;s tax revenues this year.<br />
<br />
The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves.<br />
<br />
Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India&rsquo;s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital.<br />
<br />
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<br />
Patel&rsquo;s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain.<br />
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Please <a href="https://www.newsclick.in/RBI-Bonanza-Fiscal-Deficit-Another-Name">click here</a> to read more. <br />
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-Newsclick.in

It&rsquo;s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget.

We all know by now, that economic activity in this country has come to a grinding halt. That&rsquo;s not just bad for...'
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RBI's bonanza: Fiscal deficit by another name -Aunindyo Chakravarty

-Newsclick.in It’s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget. We all know by now, that economic activity in this country has come to a grinding halt. That’s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don’t buy or sell things, or even produce them, the government doesn’t get enough taxes. So, economists have been predicting that there’ll be a big shortfall in Modi sarkar’s tax revenues this year. The problem is that finance minister Nirmala Sitharaman has committed herself to spending more. So, either she cuts back, or she has to raise more cash. The Narendra Modi 2.0 government has been looking at one option of getting more revenue for quite a few years now. This is by getting the Reserve Bank of India (RBI) to transfer a part of its reserves. Former Chief Economic Adviser to the Modi government, Arvind Subramanian, had made a case for it three years ago. He argued that India’s central bank maintains unreasonably high reserves relative to its balance sheet, second only to Norway. He believed that the RBI could easily handover Rs 2-3 lakh crore to the government, without destabilising its capital. The RBI then didn’t like this. Urjit Patel, believed to be one of the more pliable RBI governors, didn’t play ball, and his deputy, Viral Acharya, gave a speech – that went viral – pushing for central bank autonomy. Patel didn’t last long and neither did his deputy, Acharya. The stage was set for some of the reserves to be given to the GoI. Patel’s successor, finance ministry bada babu, Shaktikanta Das, was expected to oblige almost immediately. But, that could have invited bad press. So, another former civil servant-turned-RBI governor, Bimal Jalan, was tasked with the job of deciding how much reserve the central bank should maintain. Please click here to read more.