Testimonials of Tumultuous Times

1. Auflage 2025
ISBN: 978-1-041-01246-7
Verlag: Routledge

Buch, Englisch, 232 Seiten, Format (B × H): 161 mm x 240 mm, Gewicht: 520 g

This collection of speeches delivered by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), captures the dilemmas and trepidations of conducting monetary policy in India. The book covers a wide range of themes critical to central bankers and public policy, while chronicling the journey of the Indian financial system from fragility to resilience.

Spread out over five years, these speeches mark a response to the multiple shocks that have impacted the Indian economy since 2020: the COVID-19 pandemic, the Russia-Ukraine war, and the aggressive monetary tightening by advanced economy central banks. It illustrates how India has positioned itself as a leader in many international endeavours and offers a futuristic assessment of two major developments with the potential to reshape humanity: climate change and the advent of the digital revolution and new technologies. The book thus enables readers to explore the complexities of monetary policy in a real-world context, understanding the rationale behind key decisions that have shaped India’s economic trajectory.

Essential reading for postgraduate courses on the Indian economy and monetary policy, this book will be useful to students, economists, policymakers, financial market participants, and historians.

Zielgruppe

Postgraduate

Autoren/Hrsg.

Debabrata Patra, Michael

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Entwicklungsökonomie & Emerging Markets
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Umweltökonomie
• Wirtschaftswissenschaften Betriebswirtschaft Bereichsspezifisches Management Außenhandel
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Mikroökonomie
• Wirtschaftswissenschaften Wirtschaftswissenschaften Wirtschaftsgeschichte
• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere

Inhaltsverzeichnis

Acknowledgements ix

Introduction 1

PART I

Prospects for the Indian Economy 9

1 Financing India’s Aspirations 11

2 The Indian Economy: Opportunities and Challenges 19

3 The Dawn of India’s Age 25

4 INDIA@75 33

PART II

Monetary Policy in India 41

5 Communicating Monetary Policy 43

6 Recalibrating from Divergence to Convergence: The Indian Experience 49

7 Assessing Inflation Targeting 57

8 Geopolitical Spillovers and the Indian Economy 64

9 Future Readying India’s Monetary Policy 72

10 The Lighter Side of Making Monetary Policy 80

11 Lost in Transmission? Financial Markets and Monetary Policy 89

12 Taper 2022: Touchdown in Turbulence 98

13 The RBI’s Pandemic Response: Stepping out of Oblivion 106

14 Financial Inclusion Empowers Monetary Policy 115

15 Monetary Policy: Trial by Pandemic 122

16 Statistics Shape the Setting of Monetary Policy 129

PART III

Financial Stability 137

17 Navigating Emerging Challenges for Deposit Insurers and Fortifying Crisis Preparedness 139

18 New Vistas in Deposit Insurance in India 145

19 India’s Financial Sector: From Exuberance to Resilience 150

20 Fifty Years of Indian Banking Through the Lens of the Basic Statistical Return 157

PART IV

International Dimensions 161

21 The Relevance of SEACEN in a Turbulent World 163

22 Productivity: The Promise of Progress 170

23 Dynamics of Inflation in South Asia 177

24 Growth and Development in the BRICS Economies: From Acronym to Global Economic Powerhouse 183

PART V

New Vistas in Central Banking 193

25 New Frontiers in Economic Research 195

26 Unlocking New Growth Frontiers in the Digital Age 201

27 Harnessing Digital Technologies in Central Banks: Opportunities and Challenges 208

28 Towards A Greener, Cleaner India 214

Über Autor(innen)

Michael Debabrata Patra is an economist and has been a career central banker for four decades. He has also worked in the International Monetary Fund as Senior Advisor during 2008-12. As Deputy Governor of the RBI during 2020–2025, he has been responsible for monetary policy, financial markets, financial stability, economic and policy research, statistics and information management, international relations and corporate strategy, besides overall coordination. He is also a founder member of the monetary policy committee of the RBI, which is entrusted with monetary policy decision-making in India. Educated at Utkal University, Bhubaneshwar, the Indian Institute of Technology, Mumbai, and Harvard University, USA, he has served in leadership roles in a number of organisations, including chairman of the board of directors of the Deposit Insurance and Credit Guarantee Corporation and member of the boards of directors of the National Bank for Agriculture and Rural Development and the Exim Bank. He has also served in board-level positions at a number of academic institutions, such as the Indira Gandhi Institute of Development Research, Mumbai; the Centre for Advanced Financial Research and Learning, Mumbai; the National Institute of Bank Management, Pune; the Indian Institute of Bank Management (chairman of the governing board), Guwahati; and the Bankers Institute of Rural Development, Lucknow.