Article (April-2018)


India Decade of Reforms

M. G. Warrier

Designation : -   Publisher

Organization : -  Notion Press


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India’s Decade of Reforms: Reserve Bank of India at Central Stage looks at the initiatives taken by the Government of India and the RBI to restore the country’s economic health by introducing economic and financial sector reforms. Since 2014, the GOI and the RBI have come together to create reform initiatives to revamp the institutional system in the financial sector by infusing transparency and professionalism in policy formulation.
The book dispassionately analyses the recent coming together of GOI and RBI to ensure continuity in policy formulation and the RBI’s role in demonetization. Also explored is the RBI’s role in managing monetary policy to the nation’s advantage and introducing necessary structural changes. The book is in six sections. First two sections cover issues in which Reserve bank of India has mandated roles to play as banking regulator and manager of currency. After a recap of RBI’s evolution as a unique central bank playing a major role in the country’s economic development, Section I reviews the recent changes in monetary policy management. The stress is on the need for convergence of fiscal and monetary policies to promote overall economic development of the country.
Section II has three chapters on “Note-Ban and After” dwelling in some details into the rationale behind withdrawal of high value currency notes from circulation, the impact of the measure and finally taken a look at the resilience of Indian Banking System despite neglect from owners and exploitation by the rich and powerful. Section III in four Chapters gives a birds eye view of the merging Multi-Agency System in the financial sector. Section IV examines Stressed Assets in Indian Economy and how GOI and RBI together are handling the challenges arising from them. Section V carries some essays opening debates on some development issues or issues affecting development. Section VI has only one chapter under ‘Prologue as Epilogue.’