Which one of the following is not the most likely measure the Government/RBI takes to stop the slide of Indian rupee?

To stop the slide of the Indian rupee (i.e., to strengthen or appreciate the rupee), the Government/RBI would typically take measures that increase the demand for the rupee or decrease its supply in the foreign exchange market. Let's analyze the options: A) Curbing imports of non-essential goods and promoting exports: This would reduce the outflow of foreign currency (by reducing import bills) and increase the inflow of foreign currency (through exports), thereby increasing the demand for the rupee and strengthening it. This is a likely measure. B) Encouraging Indian borrowers to issue rupee denominated Masala Bonds: Masala Bonds are rupee-denominated bonds issued by Indian entities in offshore capital markets. Encouraging these would lead to foreign investors buying rupee-denominated assets, thereby increasing the demand for the rupee. This is a likely measure. C) Easing conditions relating to external commercial borrowing (ECB): Easier ECB norms would encourage Indian companies to borrow more from foreign sources. This leads to an inflow of foreign currency into India, which increases the supply of foreign currency relative to demand, thus strengthening the rupee. This is a likely measure. D) Following an expansionary monetary policy: An expansionary monetary policy (e.g., cutting interest rates, increasing money supply) aims to stimulate economic growth. However, it typically leads to lower interest rates, making domestic assets less attractive to foreign investors, and can also lead to higher inflation. Both these factors tend to weaken the domestic currency (depreciate the rupee). Therefore, this is NOT a likely measure to stop the slide of the Indian rupee; in fact, it would likely exacerbate it.