Conduct of Monetary policy in india

The policy environment of the Indian Economy and its overall macroeconomic performance as reflected in economic growth inflationary situation integration with the rest of the world in terms of both trade and finance has undergone phenomenal transformation during the post-reform period beginning since early 1990s. Along with several key areas of the policy landscape the conduct of monetary policy concomitantly witnessed complete overhaul but in a calibrated process and phased manner acquiring greater market orientation in terms of both operating procedures and transmission mechanism. This book is an attempt to review this process of evolution in the overall framework of monetary policy from a highly administered regime of credit and interest rate regulation to present moves towards adoption of a form of ‘inflation targeting’. The discussion is carried out in the above issues in the backdrop of theoretical underpinnings and empirical evidences on the role of monetary policy in India. Moreover the overall financial sector reforms and macroeconomic transformations along with global developments are provided as a backdrop for changing contours of overall monetary policy framework. In this a way the present book is primarily a unique contribution and useful for researchers and students understanding the entire gamut of issues related to conduct of monetary policy in India.