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The Challenge of Globalization: Some Reflections from the Reserve Bank Perspective

Duvvuri Subbarao

This paper draws a picture of the Indian vision of globalization, along with the advantages and risks for Indian economy and society. From a long term perspective, current globalization does not appear as either unique or irreversible. Political considerations could call it into question if the advantages obtained in some countries do not compensate for the harmful social consequences, such as the abolition of jobs in developed countries. Over and above the exchange of non-financial goods and services, the question of the risks engendered by financial liberalization is also posed. The latter can contribute a lot to an economy such as India’s, but this implies the implementation of a complex monetary policy by the Reserve Bank of India if rapid growth, beneficial for society as a whole, is to be achieved.

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Gouverneur, Reserve Bank of India (RBI).Cet article est tiré d’un discours de l’auteur à l’occasion de la 37e assemblée annuelle de l’Indian Institute of Management à Bangalore le 30 mars 2012.

1   Ce montant dépasse celui qui peut être sorti pour les transactions de balance courante.

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