Modern Monetary Theory: Let’s look at it from India’s perspective — Niranjan Rajadhyaksha

Summary:
Constructive criticism.Kelton rightly says that monetary sovereignty is a continuum rather than a binary classification. Countries have different levels of monetary sovereignty. Where would India fit in? The Indian government mostly borrows in rupees. Yet, the country as a whole borrows from the rest of the world. One of the central claims of MMT is that governments do not face any financial constraints. They only face real constraints. However, countries such as India do face a financial constraint. It is called the balance of payments. India needs foreigners to buy domestic assets to get the dollars it needs to fund its current account deficit. It is a financing constraint, and one that is not unrelated to government budgetary policy....Mint (India)Modern Monetary Theory: Let's look at

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