Summary

Reforms in India have had a longer trajectory than in many other countries, moving from a controlled and repressed financial sector through the 1970s and 1980s to the overarching economic reforms initiated in December 1991. 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. These essays written over the last two decades provide valuable insights into the framing of monetary policy and its evolution in India.. They focus on the evolution of banking and finance, the framing of monetary policy, and the role of central banking. Written by a leading macro policy adviser and central banker, this collection is especially relevant in today's environment of financial turbulence in global financial markets.