Growth with financial stability central banking in an emerging market

Includes bibliographical references and index.

I Indian Economic Growth: The Record -- 1 The Growth Record of the Indian Economy: A Story of Sustained Savings and Investment 3 -- 2 Sustaining Growth with Stability: The Role of Fiscal and Monetary Policies 43 -- 3 Innovation and Growth: Role of the Financial Sector 82 -- II Growth and The Financial Sector -- 4 Development of Banking and Financial Markets in India: Fostering Growth while Containing Risk 101 -- 5 Development of the Indian Debt Market / Partha Ray Ray, Partha 153 -- 6 Financial Inclusion in India: A Glass Half Empty or Three Quarters Full? 206 -- III Issuses In Monetary Policy -- 7 Communication in Central Banks: A Perspective 251 -- 8 Managing the Impossible Trinity: Volatile Capital Flows and Indian Monetary Policy / Muneesh Kapur Kapur, Muneesh 271 -- IV The Global Financial Crisis -- 9 Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies / Muneesh Kapur Kapur, Muneesh 347 -- 10 The Global Financial Crisis: Causes, Impact, Policy Responses, and Lessons 309 -- 11 Emerging Contours of Financial Regulation: Challenges and Dynamics 423 -- V The Way Ahead -- 12 Economic Reforms in India: Where Are We and Where Do We Go? 453.

It is widely believed that the Indian economy witnessed near stagnation in real GDP growth from Independence till the late 1970s. Challenging this notion, the collection of papers and speeches in this volume provides fresh perspectives on India's growth experience from Independence to the recent global financial crisis. This volume documents how the conduct of Indian monetary and financial policy has been unorthodox by the standards of extant international conventional wisdom, but appropriate to the macroeconomic and structural conditions prevailing in India. With a focus on growth drivers and financial stability, the volume deals with a wide-range of issues: growth of manufacturing and service sectors, role of policies (monetary, fiscal, financial market and sector, external sector), urban infrastructure investment, public service delivery, role of central banks, and the interaction between international finance and monetary policy. Drawing upon the post-reform experience and the global crisis, the volume takes stock of current challenges and suggests strategies to sustain long-term double-digit growth rates.