Economic development going well beyond growth has been the principal agenda of each and all of the governments in India since it became independent more than six decades ago. Many factors, including, in particular, the fact that India chose to follow a democratic political system and that the...

The major objective of this book is to tell the story of how the implementation of reforms in the financial sector, especially in the monetary policy and financial markets, has been and is being designed in an economy that is being liberalized and is gradually opening up. The papers in the book...

Traditionally Indian banking system provided the much-needed financial support to industry and commerce. Till the onset of financial sector reforms in early 1990s the Indian industry depended heavily on banks and development financial institutions for their working capital and long-term projects...