What is meant by the sentence in the context of "Monetary Policy in India"? To quote from the book, &quot;Indian Economy by Nitin Singhania,&quot; this is what I found out,&quot;It is a macroeconomic policy used by RBI to influence the supply of money.&quot; What is meant by macroeconomic policy here?
From the first Google hit I got, The tools of macroeconomic policy—a short primer:

Macroeconomic policy is concerned with the operation of the economy as a whole. In broad terms, the goal of macroeconomic policy is to provide a stable economic environment that is conducive to fostering strong and sustainable economic growth, on which the creation of jobs, wealth and improved living standards depend. This brief outlines the nature of each of these policy instruments and the different ways they can help promote stable and sustainable growth.
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Fiscal policy operates through changes in the level and composition of government spending, the level and types of taxes levied and the level and form of government borrowing. Governments can directly influence economic activity through recurrent and capital expenditure, and indirectly, through the effects of spending, taxes and transfers on private consumption, investment and net exports.
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Monetary policy decisions are implemented by changing the cash rate (the interest rate on overnight loans in the money market).
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By changing the cash rate the RBA is able to influence interest rates across the financial system. Changes in interest rates in turn can influence economic activity by affecting savings and investment behaviour, household expenditure, the supply of credit, asset prices and the exchange rate.
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Exchange rate policy is concerned with how the value of the domestic currency, relative to other currencies, is determined.
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