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This research paper provides an in-depth analysis of fiscal and monetary policies in India, with a focus on the prevailing economic conditions. Against the backdrop of global economic uncertainties and domestic challenges, this paper examines the roles, objectives, and effectiveness of fiscal and monetary policies in promoting economic stability, growth, and development in India. Simultaneously, the evaluation of monetary policy under the purview of the Reserve Bank of India (RBI) is examined. The RBI's monetary policy framework, guided by the objective of maintaining inflation within a target range while supporting growth, is analyzed in depth. The adoption of inflation targeting, coupled with forward-looking communication strategies, has enhanced the effectiveness and credibility of monetary policy. However, challenges such as volatile global financial conditions and transmission mechanisms pose significant hurdles to the efficacy of monetary policy transmission in India. Furthermore, it evaluates the policy response to emerging challenges and offers insights into the future trajectory of fiscal and monetary policies in India.