The Indian monetary policy acquired a deterministic character in the pre-reform years of the mid and late eighties. Roadsigns were set up and landmarks were sighted on the road to planned economic development. The present publication attempts to profile the formative years of monetary policy in India and the related analyses will enable both student and scholar to arrive at important conclusions in the entire issue that centres round the debate on monetary policies in a developing economy. It has been often said that controlled inflation rate needs to be the key to economic stability and steady growth, but it needs to be pointed out that issues such as liquid assets, banking policy, balance of payments and the crucial fiscal deficit are equally significant by themselves. The following pages set out to provide an understanding of these and related issues for the benefit of student, teacher and the practising economist.
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