From 1991 onwards, the Indian economy has witnessed a series of momentous structural changes, which have thrown up several new challenges. Consequently, India’s premier financial institution, the Reserve Bank of India, has had a crucial role to play in developing new policies and strategies in relation to the financial system, keeping in mind the unprecedented magnitude of the macro-economic reforms initiated by the Government of India. At the helm of the RBI was the author, Dr. C. Rangarajan, during whose tenure the Indian financial system underwent a sea change. He is, thus, in a unique position to present an insider’s view of events as they unfolded. This volume, which essentially focuses on select policy issues with regard to the Indian economy, comprises a collection of lectures delivered by the author at various national and international for a during 1992-97. The thematic grouping of the lectures (in four parts) and their sequential presentation help in tracing the route travelled by India with respect to economic reforms. The first part deals with monetary policy issues, especially the core topics including the objectives of monetary policy, the trade-off between growth and price stability, and the relationship between fiscal and monetary policies and the regulation of money supply. The second part highlights the important aspects of banking sector reform including its rationale and sequencing and also discusses the significance of non-bank financial companies and the role of rural credit. he third part throws light on external policy issues such as the balance of payments situation and the exchange rate management. The last part examines the specific roles of the state and the market besides explaining the rationale behind the macro-economic reforms. The subject matter also dwells on other related matters such as disinvestment, science, technology and economic growth and the importance of human development in the process of economic growth. Apart from bankers and economists, others too, such as entrepreneurs, financial consultants and academicians, would find this volume both informative and useful.
ABOUT THE AUTHOR C. Rangarajan
Dr. C. Rangarajan D is presently the Chairman of the Twelfth Finance Commission. Earlier, he was Governor of Andhra Pradesh for five years (1997-2003) and just before that he was Governor, Reserve Bank of India for five years (1992-1997). As Governor RBI, Dr. Rangarajan gave a major thrust to financial sector reforms. The institutional environment was altered to make monetary policy a more effective instrument of economic policy. The exchange rate regime underwent a fundamental change. He was member of the Planning Commission during 1991-92. Prior to that he held the position of Deputy Governor, Reserve Bank of India, for almost a decade. During this period, he was instrumental in bringing about a number of changes in the credit and financial system, both in terms of induction of new instruments and new institutions. Dr. Rangarajan has been a member of the Economic Advisory Council to the Prime Minister between 1985 and 1991. He was the Chairman of the National Statistical Commission which was set up to reform the Indian Statistical System. He has taught at the Wharton School of Finance & Commerce, University of Pennsylvania and the Graduate School of Business Administration, New York University. In India, he has taught at Loyola College, Madras; University of Rajasthan, Jaipur; Indian Statistical Institute, New Delhi and for well over a decade and a half at the Indian Institute of Management, Ahmedabad. He is the author or co-author of the following books : Short-term Investment Forecasting (1974); Principles of Macroeconomics (1979); Strategy for Industrial Development in the '80s (1981); Innovations in Banking (1982); Indian Economy: Essays on Money and Finance (1998); Perspectives on Indian Economy (2000); and Structural Reforms in Industry, Banking and Finance (2000). Many of his analytical writings have been published in various national and international journals. Among the several awards received by him are : Business Man of the Year 1997 (Madras Management Association); Honorary Fellow, Indian Institute of Management, Ahmedabad 1997; Award of Excellence in Finance (Bank of India) 1998; Finance Man of the Decade (Bombay Management Association)1998; Financial Express Award for Economics 1998; Wharton-Indian Alumni Award for Outstanding Leadership (2002). Dr. Rangarajan was awarded Padma Vibhushan by the President of India in January, 2002.
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