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.
This collection of speeches delivered by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, 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.
Spread out over five years, these speeches mark a response to the polyshocks that have impacted the Indian economy since 2020: the COVID-19 pandemic, the Russia-Ukraine war, and the aggressive monetary tightening by advanced economy central banks. It illustrates how India has positioned itself as a leader in many international endeavours and offers a futuristic assessment of two major developments with the potential to reshape humanity: climate change and the advent of artificial intelligence. This book would thus enable students to explore the complexities of monetary policy in a real-world context, understanding the rationale behind key decisions that have shaped Indias economic trajectory.
This volume would serve as an essential reading material for postgraduate courses on the Indian economy and monetary policy. It would be useful to students, economists, policymakers, financial market participants, and historians.
Acknowledgements ix
Introduction 1
PART I
Prospects for the Indian Economy 9
1 Financing Indias Aspirations 11
2 The Indian Economy: Opportunities and Challenges 19
3 The Dawn of Indias 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 Indias 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 RBIs 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 Indias 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
Michael Debabrata Patra is an economist and has been a career central banker for four decades. He has also worked in the International Monetary Fund as Senior Advisor during 2008-12. As Deputy Governor of the RBI during 20202025, he has been responsible for monetary policy, financial markets, financial stability, economic and policy research, statistics and information management, international relations and corporate strategy, besides overall coordination. He is also a founder member of the monetary policy committee of the RBI, which is entrusted with monetary policy decision-making in India. Educated at Utkal University, Bhubaneshwar, the Indian Institute of Technology, Mumbai, and Harvard University, USA, he has served in leadership roles in a number of organisations, including chairman of the board of directors of the Deposit Insurance and Credit Guarantee Corporation and member of the boards of directors of the National Bank for Agriculture and Rural Development and the Exim Bank. He has also served in board-level positions at a number of academic institutions, such as the Indira Gandhi Institute of Development Research, Mumbai; the Centre for Advanced Financial Research and Learning, Mumbai; the National Institute of Bank Management, Pune; the Indian Institute of Bank Management (chairman of the governing board), Guwahati; and the Bankers Institute of Rural Development, Lucknow.
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