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PAPER-III: ECONOMICS 1 National Income Accounting Money and Banking Central Bank and Monetary Policy Fiscal Policy Government Budgeting Inflation External Sector Economics Reforms Karol Bagh nd1/8-B, 2 Floor, Apsara Arcade, Near Gate 6, Karol Bagh Metro, Delhi-110005 Mukherjee Nagar: st103, 1 Floor, B/1-2, Ansal Building, Behind UCO Bank, Delhi-110009 8468022022 1 www.visionias.in ©Vision IAS As we have seen in foregoing discussion, that fiscal (and other) deficits increases money supply in the market, an inflationary trend is created. 1, 2011; p.76) defines a fiscal council as, “…a publicly funded entity staffed by non-elected professionals mandated to provide nonpartisan oversight of fiscal performance and/or advice and guidance — from either a positive or normative perspective — on key aspects of fiscal policy”. Source: The Hindu. 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