A Provocative Perspective on India's Financial Sector

Y V Reddy left office as governor, Reserve Bank of India (RBI) in the first week of September 2008, just one week before the explosion of the ongoing global financial crisis with the Lehman Brothers’ collapse on 15 September 2008. Since then, Reddy has given us three invaluable books. While the first, India and the Global Financial Crisis: Managing Money and Finance (2009) is a treasure for students of history, documenting the thinking and actions of the governor of a major central bank that clearly anticipated the coming crisis, the second, Crisis, Recession and Uneven Recovery (2011) is a look at the aftermath of the crisis and the challenges as well as prospects for public policy. The third book of this trilogy is Economic Policies and India’s Reform Agenda, New Thinking.

Reddy describes the third and latest book as follows.

While the first book is a retrospect, and the second is an assessment, this one is an analysis of the future and explores the contours of new thinking, emerging challenges, and prospects. This book, I hope, will turn out to be more provocative than the previous two (p ix).