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Indian Economy: A Retrospective View   
Indian Economy
A Retrospective View
by Manu Shroff
Deena Khatkhate (Ed.)
Hard-bound Book (6ľ" x 9ľ") :   Pages : 286
2009  Edition   :  ISBN - 978-81-7188-757-6
Price : INR 795 / US $ 59.95
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This book of late Manu Shroff contains his assorted articles and lectures on different aspects of the Indian economy in its transition from the highly interventionist regime to a liberalised open economic system and also some international issues which had a bearing on the Indian economy. The first part of the book focuses on the variegated dimensions of the Indian economic landscape in its current phase when his articles were published and in prospect. This imparts to his writings certain freshness, individuality and timeless relevance. The second part addresses the international repercussions of economic development with emphasis on capital flows, international monetary issues and globalisation which all radicalised the approach to economic policy as distinct from the autarky which characterised the period up to 1980s.

Reviews / opinions:

"Manu Shroff's writings display an unusual clarity of mind, lucidity of language, a wry sense of humour and an instinct to go to the heart of the problem. They not only entertain but also throw light and provide real insights on the debates and issues that occupied India's economists and policy makers, over the period from 1980 to 2005, that saw dramatic changes in economic policy."

Kirit Parikh
Member Planning Commision, Government of India

"This is a remarkable collection of essays by one of India's well-known economic thinkers and policy advisers. The range of national and international issue covered in Manu Shroff's writings, stretching over three decades, is truly outstanding. Manu's observations on these issues are of seminal importance not only for understanding India's past but also for building its future. I strongly recommend this book to all those who are interested in India as an emerging global power of the 21st century".

Bimal Jalan,
Member of Parliament (Rajya Sabha) and
former Governor, Reserve Bank of India.

"Manu Shroff was an economist who forayed into newspaper editorship, and did well because of the clarity of his thinking and the lucidity of his pen. He brought to his writing a practical understanding of the ways of the real world, combined with a firm grounding in first principles. These qualities are on display in this collection of articles and lectures, which therefore are well worth a read."

T.N. Ninan,
Editor, Business Standard.

"This book of selected writings of Manu Shroff who was a high-level economic policy maker in India for over three decades and a scholarly economist with scientific bent of mind is a rich intellectual feast. Reading his book is a rewarding experience to me who interacted with him in my capacity as former Chief of the World Bank Resident Mission in India because of his deep analytical insights into the working of Indian economy and some issues in international finance; his thoughts on many economic issues have still great relevance to the contemporary India."

Jochen Kraske,
Former Chief of the World Bank Resident Mission in India.

"Manu Shroff was a remarkable economist who, though he spent much of his life as a top-ranking bureaucrat, had a keen eye for the follies that afflicted Indian economic policy before the reforms started. He also had the integrity and the courage to speak his mind. There was no "on the one hand, on the other hand", about him. As one reads these beautifully crafted essays, one sees that he is among the rare few, early bureaucrats who shaped the reforms and brought India closer to what Prime Minister Nehru called our "tryst with destiny".

Jagdish Bhagwati,
University Professor, Economics and Law, Columbia University.


Manu Shroff, educated at Bombay University and London School of Economics had an illustrious career as a public intellectual in India and abroad. He joined the Ministry of Finance, Government of India, where he rose to a position of additional secretary. He was a member of several important committees and commissions prominent among which were the Committee on Financial System Reforms and the Indian Finance Commission. In both capacities as a policy maker and the member of committees, he was involved in shaping national, international and federal aspects of India's financial and monetary policy. He represented India on the World Bank Board as Alternate Executive Director and later joined as Assistant Secretary of the World Bank's Development Committee. After leaving the government, he first became a Professor at Indian Management Institute, Ahmedabad, and then editor of The Economic Times. He always remained quintessentially a thinking and scholarly economist, and policy maker as richly reflected in his writings embodied in his book.

Deena Khatkhate is a distinguished economist from India settled in the US. He is a former director of research at the Reserve Bank of India, a former assistant director at the International Monetary Fund and a former senior consultant for the United Nations and the World Bank. He is the author of numerous articles on economic development and monetary policy, which have appeared in publications such as Economic and Political Weekly, The Journal of Post-Keynesian Economics and Oxford Economic Papers. Ruminations of a Gadfly (2008) and Money, Finance, Political Economy: Getting it Right (2009) are his two books published by Academic Foundation.



Introduction by Deena Khatkhate

I. National Issues

1. The Changing Face of India

2. Economy During Rajivís Rule: Growth without Stability

3. Judging the Performance of the Indian Economy

4. Learning by Learning: Indiaís Development Experience

5. The Indian Economy: Futility of Quick Fix

6. Major Debates on the Indian Economy since Independence

7. The Economic Crisis of 1991

8. What Kind of Growth?

9. Obstacles to Liberalisation and Market Economy

10. A Perspective on the Management of Economic Reform in India

11. Is Economic Reform an Illusion?

12. Crystal Gazing about the Indian Economy

13. A Rich and Productive Analysis of the Indian Manufacturing Sector

14. Black Money

15. Fiscal Balance: The First Shot

16. Jagdish Bhagwati on Development Economics

17. Adjustment with a Human Face 

18. The Political Economy of Development 

19. Inflation: Change the Focus

20. Current Issues in Indian Banking 

21. Reform in Indian Banking: Agenda for Action 

22. Reform of the Financial System

23. Financial Reform More Urgent than Ever 

24. Indiaís Financial Policy: An Apologistís View 

25. Balance of Payments: Sand is Not Where Our Heads Should Be 

26. Turning a Crunch into Crisis 

27. Immediacy of Stock Market Reform

28. Some Aspects of Policy Concerning Sick Units 

29. L.K. Jha: A Man for All Seasons

II. International Issues

30. Stability versus Growth: Full Circle

31. Globalisation: An Emerging Challenge

32. Financial Flows for Development

33. A Perspective on International Monetary Issues

34. Overseas Problems: A Diagnosis

35. Steering Away to a New Path


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