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This collection of speeches delivered by Michael Debabrata Patra, DG of the RBI, captures the trials and tumult of conducting monetary policy in India. This 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.
List of contents
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
About the author
Michael Debabrata Patra was Deputy Governor responsible for monetary policy, financial markets, deposit insurance, research and statistics, international relations, and corporate strategy at the Reserve Bank of India (RBI) from January 2020 to January 2025. He was a member of the Monetary Policy Committee of the RBI, which is invested with the responsibility of monetary policy decision-making in India. He also served in the International Monetary Fund from December 2008 to June 2012. He has published a book and several papers on inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments. A Fellow of Harvard University, where he undertook post-doctoral research, he has a Ph.D. in Economics from the Indian Institute of Technology, Mumbai.
