The fourth volume of RBI’s history is an exciting read, particularly when the govt is grappling with a critical phase of the economy
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| The fourth volume of RBI’s history (1981-1997), is much more than the story of central banking—it’s the economic history of India during that period. Photo: Pradeep Gaur/Mint |
In the past few years, former Reserve Bank of India (RBI) governor D. Subbarao repeatedly urged the government to address structural issues in the Indian economy. He was not the first one to do so. In May 1989, then RBI governor R. N. Malhotra wrote to the finance ministry: “From all accounts,
