{"product_id":"an-agenda-for-indias-growth-copy","title":"The Reserve Bank of India (Part A \u0026 Part B)","description":"\u003ch2 class=\"d_normalheder\"\u003e\u003cspan\u003eAbout the Book\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cp\u003eThis fourth volume in the series of the history of the Reserve Bank of India covers the 16 eventful years from 1981 to 1997. It is published in two parts, which ideally should be read as a continuum.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003ePart A\u003c\/strong\u003e\u003cspan\u003e \u003c\/span\u003efocuses on the transformation of the Indian economy from a regime of restrictions to progressive liberalisation. The 1980s were characterised by an expansionary fiscal policy accompanied by automatic monetisation of budgetary deficit that strained the conduct of monetary policy. Similarly, a heavily regulated banking system impaired efficiency. The domestic macroeconomic imbalances combined with deteriorating external conditions triggered the balance of payments (BoP) crisis of 1991. Subsequent reforms ushered in far reaching changes not only in the economy but also in central banking.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003ePart B\u003c\/strong\u003e\u003cspan\u003e \u003c\/span\u003eof the volume captures the implementation of structural and financial sector reforms: fiscal correction and phasing out of automatic monetisation; development of government securities market; and greater integration among money, securities and foreign exchange markets. It also covers the transformation in banking with liberalisation and improvement in credit delivery. At the same time the Reserve Bank had to contend with a securities scam which led to the introduction of better control systems and strengthening of the payment and settlement systems.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003eWith the introduction of financial sector reforms, the Reserve Bank adopted a more active communication strategy. The organisational structure of the Reserve Bank also changed in response to domestic necessities and international developments. The Bank embarked upon technological transformation and upgraded its systems and procedures to manage its operations effectively.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003eThis volume is more than a mere narrative of the history of the Reserve Bank; it also provides valuable insights into India's economic development and policy during an eventful and significant period.\u003c\/p\u003e\n\u003cspan class=\"morecontent\"\u003e\u003cspan\u003e\u003c\/span\u003e \u003c\/span\u003e\n\u003c\/div\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\n\u003cspan\u003e\u003c\/span\u003e\u003cbr\u003e\n\u003c\/h2\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\u003cspan\u003ePraise for this book\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv\u003e\n\u003cp\u003e\u003cspan\u003e“This [the period from 1981 to 1997] was by far one of the most challenging periods for the economy. This volume of history takes us through the difficult times when the Reserve Bank and the Government had to contend with unprecedented strains on the external payments situation. In response to the balance of payments crisis, the Government embarked on a wide-ranging programme of economic reforms that defined a marked reorientation of the philosophy of economic management of the country. The Reserve Bank was a partner in this exciting process, generating ideas, processing proposals and implementing reform initiatives.”\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e— \u003cb\u003eDr Duvvuri Subbarao\u003c\/b\u003e\u003c\/p\u003e\n\u003cp\u003e    Governor\u003c\/p\u003e\n\u003cp\u003e“The comprehensive economic reforms, mostly home-grown, that were launched in 1991, with support from multilateral institutions and implemented in a gradual and cautious manner enabled India to gain international credibility. The devaluation of the rupee in 1991 gave a fillip to exports. This, combined with wide-ranging liberalisation efforts in various sectors, helped rather quickly to restore macroeconomic balance in the economy. Policy measures such as the institution of the Liberalised Exchange Rate Management System (LERMS) as a prelude to current account convertibility in 1994, the switch from direct to indirect instruments to improve the efficacy of monetary policy, and developing financial markets for greater market integration facilitated the smooth transition of the economy towards a more dynamic and liberal regime.”\u003c\/p\u003e\n\u003cp\u003e— \u003cb\u003eDr Bimal Jalan\u003c\/b\u003e\u003c\/p\u003e\n\u003cp\u003e   \u003ci\u003e Chairman, Advisory Committee, RBI History\u003c\/i\u003e\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\n\u003cspan class=\"accordsuffix\"\u003e\u003c\/span\u003e\u003cbr\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\n\u003cspan class=\"accordsuffix\"\u003e\u003c\/span\u003e\u003cbr\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\u003cspan class=\"accordsuffix\"\u003e\u003c\/span\u003e\u003c\/div\u003e\n\u003ch2 class=\"glossymenu\"\u003e\u003cspan class=\"accordsuffix\"\u003eContents in Detail\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv class=\"glossymenu\"\u003e\n\u003ca class=\"menuitem submenuheader\" href=\"https:\/\/academicfoundation.org\/#\"\u003e\u003cspan class=\"accordsuffix\"\u003e\u003c\/span\u003e\u003c\/a\u003e\n\u003cdiv class=\"submenu\"\u003e\n\u003cp\u003e\u003cstrong\u003ePART A\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eForeword\u003c\/em\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003ePreface\u003c\/em\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eAcknowledgements\u003c\/em\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eAbbreviations\u003c\/em\u003e\u003c\/p\u003e\n\u003cp\u003eChapter 1: Introduction and Overview\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eI. Consolidation and Early Liberalisation: 1981 to 1989\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eChapter 2: Macroeconomic Context\u003c\/p\u003e\n\u003cp\u003eChapter 3: Monetary-Fiscal Interface\u003c\/p\u003e\n\u003cp\u003eChapter 4: Monetary and Credit Policy\u003c\/p\u003e\n\u003cp\u003eChapter 5: Balance of Payments and Exchange Control\u003c\/p\u003e\n\u003cp\u003eChapter 6: Banking and Finance\u003c\/p\u003e\n\u003cp\u003eChapter 7: Developments in Banking Supervision\u003c\/p\u003e\n\u003cp\u003eChapter 8: Rural Credit Policy\u003c\/p\u003e\n\u003cp\u003eChapter 9: Conclusion: The Decade of the 1980s\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eII. Crisis and Reforms: 1989 to 1997\u003c\/strong\u003e\u003cspan\u003e \u003c\/span\u003e(contd...)\u003c\/p\u003e\n\u003cp\u003eChapter 10: Economic and Financial Environment\u003c\/p\u003e\n\u003cp\u003eChapter 11: The Balance of Payments Crisis of 1991\u003c\/p\u003e\n\u003cp\u003eChapter 12: Management and Resolution of the 1991 Crisis\u003c\/p\u003e\n\u003cp\u003eChapter 13: External Sector Liberalisation\u003c\/p\u003e\n\u003cp\u003eChapter 14: Monetary Management\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003ePART B\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eII. Crisis and Reforms: 1989 to 1997 (concld.)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eChapter 15: Public Debt Management\u003c\/p\u003e\n\u003cp\u003eChapter 16: Financial Markets\u003c\/p\u003e\n\u003cp\u003eChapter 17: Reforms in Banking and Financial Institutions\u003c\/p\u003e\n\u003cp\u003eChapter 18: Agriculture and Rural Development\u003c\/p\u003e\n\u003cp\u003eChapter 19: Conclusion: First Seven Years of the 1990s\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eIII. Organisational Aspects\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eChapter 20: Communication Practices\u003c\/p\u003e\n\u003cp\u003eChapter 21: Institutional Changes\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eIV. Miscellany\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSelect Photographs\u003c\/p\u003e\n\u003cp\u003eAppendices, Enclosures and Documents\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eV. References and Index\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSelect References\u003c\/p\u003e\n\u003cp\u003eIndex\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cp\u003e\u003cspan style=\"font-family: -apple-system, BlinkMacSystemFont, 'San Francisco', 'Segoe UI', Roboto, 'Helvetica Neue', sans-serif; font-size: 0.875rem;\"\u003e \u003c\/span\u003e\u003cbr\u003e\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003ctable style=\"width: 100.707%; height: 85px;\" width=\"100%\"\u003e\n\u003ctbody\u003e\n\u003ctr style=\"height: 21.25px;\"\u003e\n\u003ctd style=\"width: 51.5957%; height: 21.25px;\"\u003ePublisher\u003c\/td\u003e\n\u003ctd style=\"width: 48.0496%; height: 21.25px;\"\u003eAF Press\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 21.25px;\"\u003e\n\u003ctd style=\"width: 51.5957%; height: 21.25px;\"\u003ePublication Date\u003c\/td\u003e\n\u003ctd style=\"width: 48.0496%; height: 21.25px;\"\u003e2013\u003cmeta charset=\"utf-8\"\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 21.25px;\"\u003e\n\u003ctd style=\"width: 51.5957%; height: 21.25px;\"\u003eNumber of Pages\u003c\/td\u003e\n\u003ctd style=\"width: 48.0496%; height: 21.25px;\"\u003e712\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 21.25px;\"\u003e\n\u003ctd style=\"width: 51.5957%; height: 21.25px;\"\u003eISBN\u003c\/td\u003e\n\u003ctd style=\"width: 48.0496%; height: 21.25px;\"\u003e\n\u003cmeta charset=\"utf-8\"\u003e \u003cmeta charset=\"utf-8\"\u003e \u003cspan\u003e9788171889860\u003c\/span\u003e\u003cbr\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e","brand":"Reserve Bank Of India (rbi)","offers":[{"title":"Hardcover \/ ENG- English \/ Banking","offer_id":51579331674433,"sku":null,"price":2195.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0938\/9067\/5009\/files\/9788171889860-web-305-RBI-H.jpg?v=1775461573","url":"https:\/\/www.academicfoundation.com\/products\/an-agenda-for-indias-growth-copy","provider":"Academic Foundation | AF Press","version":"1.0","type":"link"}