In this book the author discusses crucial issues related to the Indian monetary policy, particularly over the last two decades. The author reviews the working of the Indian monetary system and analyses the inter-related issues such as objectives of monetary policy; trade-off between inflation and growth; interest rate and money supply; fiscal and monetary coordination; financial stability; autonomy of Central Banks; etc. The book should be found useful by all those who closely monitor the Indian monetary system and the related policies.
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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