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Analysing the fiscal policy

Y.V. REDDY is one of the few intellectuals who have combined both public service and economic policy making together, said the Governor of Reserve Bank of India (RBI), Bimal Jalan.

He was speaking at the RBI Staff College after the release of Reddy's book, a compilation of "Lectures on Economic and Financial Sector Reforms in India", published by the Oxford University Press.

"The book is a vision of India for the future, a guidance on what we should do and how we should do it," said Jalan. Moreover, his ideas are rooted in the political and bureaucratic framework of the country, he added.

Currently the Deputy Governor of RBI, Reddy's work, dedicated to the professionals in RBI, evaluates the implementation of financial sector reforms, in the context of liberalised monetary policy and financial market prevailing in the country.

The book discusses the complex but under-documented structural micro-aspects of economic reforms in India, examining the process from conceptualisation of policy to its development, refinement and implementation, besides exploring dilemmas and issues faced by policy-makers in meeting the evolving uncertainties.

The volume distinguishes between measures requiring legal changes, policy reorientation, procedural revamping and operational finesse. The tasks ahead for institutions, both public and private are also drawn up with a focus on accountability and transparency.

Incidentally, Reddy is relinquishing his office to take up an assignment as the Executive Director of International Monetary Fund, Washington.

Incidentally, OUP had recently released a book by Bimal Jalan.

S.K

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