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By Way of Conclusion: Selected Issues in Designing a New Architecture for the Indian Financial Sector

In: Critique of the New Consensus Macroeconomics and Implications for India

Author

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

As the threat of the global crisis receded in India, issues of financial architecture have become dominant, with the inception of the FSDC and the announcement of the FSLRC. We make out a case for a highly calibrated approach to the far-sweeping agenda marked out by the HPEC and CFSR (and largely but also more cautiously) endorsed by the FSLRC, especially as regards three issues: (i) the shift towards a principles-based system of R&S, (ii) instituting an integrated financial supervisory system and (iii) divesting the RBI of its banking supervision and public debt management responsibilities. The future success of financial reforms in India will be crucially contingent upon how successfully the regulatory architecture adapts to the competing dictates of financial development and financial stability, and the extent to which the regulatory and supervisory system succeeds in maintaining its independence from the government as well as market participants.

Suggested Citation

  • Dilip M. Nachane, 2018. "By Way of Conclusion: Selected Issues in Designing a New Architecture for the Indian Financial Sector," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 393-407, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_16
    DOI: 10.1007/978-81-322-3920-8_16
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