The article explores the relationship between money supply and economic growth in India since the 1950s. It discusses the differing views of economists on whether changes in money supply drive changes in income and prices, or if it's the other way around. The study uses econometric techniques to analyze the causality between money supply and national income. The findings suggest that in the short run, an increase in money supply can influence output, but in the long run, it mainly affects prices. This research builds on previous studies that have shown a one-way causality from money to income in developed economies.