CONTENTS List of Tables, Figures, and Annexes ix Preface xvii Introduction xxiii I. INDIAN ECONOMIC GROWTH: THE RECORD 1. The Growth Record of the Indian Economy: A Story of Sustained Savings and Investment 3 2. Sustaining Growth with Stability: The Role of Fiscal and Monetary Policies 43 3. Innovation and Growth: Role of the Financial Sector 82 II. GROWTH AND THE FINANCIAL SECTOR 4. Development of Banking and Financial Markets in India: Fostering Growth while Containing Risk 101 5. Development of the Indian Debt Market with Partha Ray 153 6. Financial Inclusion in India: A Glass Half Empty or Three Quarters Full? 206 III. ISSUES IN MONETARY POLICY 7. Communication in Central Banks: A Perspective 251 8. Managing the Impossible Trinity: Volatile Capital Flows and Indian Monetary Policy with Muneesh Kapur 271 IV. THE GLOBAL FINANCIAL CRISIS 9. Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economics with Muneesh Kapur 347 10. The Global Financial Crisis: Causes, Impact, Policy Responses, and Lessons 392 11. Emerging Contours of Financial Regulation: Challenges and Dynamics V. THE WAY AHEAD 423 12. Economic Reforms in India: Where Are We and Where Do We Go? 453 Index 488