As a result of comprehensive but gradual and calibrated reforms, India's financial sector has undergone a transition from the highly controlled and repressed regime of the early 1990s to one that is increasingly market-based. A similar regime shift has characterized the conduct of monetary policy and operations in India. The reforms have contributed to a noteworthy acceleration in growth. Most importantly, unlike many other economies, financial stability has been maintained even as there has been a significant opening of the economy. Over the past decade, interest in the conduct of monetary policy and in the regulation and supervision of the financial sector has attracted global attention. Against this backdrop, these essays provide valuable insights into the framing of monetary policy and its evolution in India. This volume focuses on the evolution of banking and finance and the role of Central Banking. It provides the perspective of a practising central banker on a range of topical issues relating to the conduct of monetary policy and management of the financial sector. The impact of the ongoing global financial crisis on India and the policy responses are also discussed. Especially relevant in today's environment of turbulence in global financial markets, these essays will be useful to researchers, development economists, policymakers, analysts, students of economics and finance, and readers interested in the evolution of monetary policy in India.
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