India and the Global Financial Crisis: Managing Money and Finance

This collection of essays provides insights into the making of public policies across a spectrum of areas between the years 2003 and 2008, a period of rapid growth of the Indian Economy as well as extraordinary challenges for the conduct of monetary policy. It was during this period that Dr Y.V. Reddy was the Governor of the Reserve Bank of India. He has earned universal acclaim for managing, as Governor of RBI, India's calibrated financial integration with the global economy. Ever since the financial crisis erupted in the USA in 2007 and spread to the rest of the world, there has been an interest in India's management of a financial sector that has facilitated growth and has yet maintained stability. What contributed to this situation? What was the RBI s perspective and what were its policies? This volume attempts to answer these questions. It also provides a comprehensive account of the events that led to the global financial crisis, the policy responses, the directions for future reforms and an Indian approach to meeting the challenges of contagion from the turmoil.