Out of taxation reforms ,public expenditure reforms ,changing interest rate ,control on public debt which is not the element of Fiscal reforms?which is correct and why out of four?

Shivang,

Changing interest rate is not an element of Fiscal reforms. This is because, with liberalisation, the role of RBI has changed from a controller to a mere facilitator of the operations of the financial sector. As a facilitator, RBI can fix interest rate on his own for commercial banks. So, changing interest rate comes under the Financial Sector Reforms and not Fiscal Reforms.