Agenda For Financial Reform

N A Mujumdar I AM grateful to Bhupat M Desai (August 11) for his appreciation of the main theme of my article (April 7) and also for lending further support to some elements of the theme. The purpose of my article would be served if experts like the pandits of the World Bank who authored the World Development Report, 1989 would moderate their uncompromising indictment of the state-regulated financial system by the recognition that such a system has, in the past, played and could play in future, a useful role in the process of development.