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Growth, Resilience and Reform: Post-crisis Policy Challenges

Subir Gokarn

The last twenty years have witnessed major changes in India with the introduction of development boosting reforms, which assigned a central role to the private corporate sector. This string of reforms has enabled the country to post high growth rates but has also left it open to risks because of its inclusion in the global economy. A definition of development policy must necessarily take these two aspects into account in order to find a just balance between economic stability and efficiency. Although it is important to systematically introduce measures aimed at developing the productive sector, its diversification between the different sectors of activity is a key element of stability, as is also the existence of a powerful financial sector. Lastly, to protect the economy from financial shocks, the recourse to a combination of capital controls and currency flotation is desirable.

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Vice-gouverneur, Reserve Bank of India (RBI).Cet article est tiré d’un discours important prononcé par l’auteur à l’occasion de la 45e A. D. Shroff Memorial Lecture à la Chambre de commerce indienne à Mumbai, le 2 novembre 2011. Le discours entier est téléchargeable sur le site :

1   Ardeshir Darabshaw Shroff (1899-1965) est une personnalité indienne ayant occupé des responsabilités importantes dans le domaine de la finance et de l’industrie. Il est en particulier considéré comme le père fondateur de l’ICICI (Industrial Credit and Investment Corporation of India).

2   Année fiscale.

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