Title: Indian economy: financial sector reforms and development

Authors: Ravinder Rena

Addresses: Department of Business Studies, The Papua New Guinea University of Technology, Lae 411, Morobe, Papua New Guinea

Abstract: Indian economy has been experienced impressive growth rates since 1991 economic reforms. These reforms have been most effective in the financial sector. The financial markets have developed and are more integrated after the reforms. This paper provides a general overview of the impact of economic reforms on financial stability with a view to enhancing productivity, efficiency and international competitiveness of the economy. It covers the developments in banking, external sector and financial markets. Attention is focused on the benefits and risks for financial stability associated with changes in financial markets and the banking system. The paper concludes some with policy implications with regard to monetary policy.

Keywords: Indian economy; capital markets; foreign exchange reserves; economic growth; banking sector reforms; financial sector reforms; economic development; India; emerging markets; financial stability; monetary policy.

DOI: 10.1504/IJBEM.2009.023923

International Journal of Business and Emerging Markets, 2009 Vol.1 No.4, pp.387 - 404

Available online: 18 Mar 2009 *

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