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Opinion

World watches as India's central bank prepares to fund government

Direct financing of fiscal deficits is looking attractive despite inflation risks

| India
Governor Shaktikanta Das at a news conference in Mumbai, pictured on Feb. 6: in return for handing its wallet to Team Modi, the RBI should extract reform pledges.   © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Economists searching the globe for policy exemplars rarely look to Mumbai. But the Reserve Bank of India may soon start a trend peers everywhere are almost sure to follow.

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