The Author of this book has spent well over three decades, starting in the early fifties, in different aspects of financial administration, ranging from policy and structural aspects of central banking to issues in macroeconomic management and matters pertaining to India’s external economic relations, especially with international financial institutions and bilateral relations with some of our major trade and credit partners. ?During this interesting, and indeed exciting period, economic policy was coming to terms with the demands of development and we were fashioning new policies and instruments taking into account the complex internal and external as well as institutional and structural constraints in the country. The author was involved in various aspects of policy-making in this period. Anecdotal evidence is not without relevance as a source of history. The book presents an insider’s view on the process of policy formulation and policy responses to the unfolding economic events and the personalities involved therein.
ABOUT THE AUTHOR M. Narasimhan
M. Narasimham is currently the Chairman of the Administrative Staff College of India (ASCI), Hyderabad, and a Member of the Prime Minister’s Economic Advisory Council. He joined the Reserve Bank of India in 1950 and rose to be the Secretary of the Bank in 1967. I 1972 he moved to the Government of India as Additional Secretary, Economic Affairs. He was Secretary in the Banking Department in 1976. He was Governer, Reserve Bank of India in 1977 before joining the Board of Directors of the World Bank as Executive Director representing India in 1978m and the International Monetary Fund in the Same capacity in 1980. On reversion to the Government of India in 1983 he was Secretary, Economic Affairs, and later Finance Secretary. He sought voluntary retirement in 1983 to become and Principal of ASCI. He was also the Vice-President (Operations) of the Asian Development Bank, Manila, from 1985 to 1988. He has been Chairman / Member of Several Committees appointed by the Reserve Bank of India / Government of India, the more notable of which were Controls Committee (1985), Committee on the Financial System (1991) and the Committee on Banking Sector Reforms (1998). He has published several articles and two books: World Economic Environment and Prospects for India (1988), and Economic Reforms: Development and Finance (2001). He was awarded the Padma Vibhushan in Januaray 2000 and the Telugu Talli Award in the same year. The Life Time Achievement Award was also conferred on him by the Hyderabad Management Association in 2001.
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