With reference to India economy, consider the following:
1. Bank rate
2. Open market operations
3. Public debt
4. Public revenue
Which of the above is/are component/ components of Monetary Policy?

The correct option is 1 and 2.

To understand why Bank rate and Open market operations are the components of Monetary Policy, let us break down the concepts of monetary and fiscal policies of an economy:
Monetary Policy: This policy is formulated and managed by the central bank of a country (in India, the Reserve Bank of India or RBI). It aims to regulate the supply of money, cost of money, and rate of interest in the economy to achieve macroeconomic objectives like controlling inflation, stabilizing the currency, and promoting economic growth.
Fiscal Policy: This policy is managed by the government and deals with government revenue generation (taxation) and expenditure (spending, public borrowing).

Let us analyze each of the given components:

1. Bank rate: This is the official interest rate at which the central bank (RBI) lends long-term funds to commercial banks. By changing the bank rate, the RBI influences the cost of borrowing in the economy. Therefore, it is a key quantitative tool of Monetary Policy.

2. Open market operations (OMOs): This refers to the buying and selling of government securities (G-Secs) by the central bank in the open market to regulate the money supply. When the RBI buys securities, it injects liquidity into the market; when it sells securities, it absorbs liquidity. Thus, it is a crucial tool of Monetary Policy.

3. Public debt: This refers to the total liabilities or borrowings of the government to meet its development and non-development expenditures. Since it relates to government finances, it is a component of Fiscal Policy, not Monetary Policy.

4. Public revenue: This is the income generated by the government through taxes, fees, duties, and non-tax sources. It represents the inflow of money to the government treasury, which forms a core pillar of the government's budget and is therefore a component of Fiscal Policy.

Consequently, only components 1 (Bank rate) and 2 (Open market operations) belong to Monetary Policy, making the option "1 and 2" the correct choice.