List of tables and figures; Preface; 1. Introduction; 2. Public debt in India; 3. Ricardian equivalence: introduction; 4. Ricardian equivalence: empirical studies utilising consumption function; 5. Ricardian equivalence and consumption in India; 6. Monetisation of debt in India; 7. Domestic debt and economic growth in India; 8. Separation of debt from monetary management; 9. Conclusions and policy implications; Bibliography; Index.