A Hundred Small Steps: Report of the Committee on Financial Sector Reforms
While previous reports have focused solely on the ??big?? issues like capital account convertibility, bank privatization, and priority sector norms,...
- ISBN: 9788178299501
- Availability: In Stock
- Author Planning Commission
- Publisher Sage Publications India Pvt.Ltd,
- Binding Paperback
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While previous reports have focused solely on the ??big?? issues like capital account convertibility, bank privatization, and priority sector norms, A Hundred Small Steps: Report of the Committee on Financial Sector Reforms goes deep into other areas where reforms are less controversial, but perhaps as important. The report argues that we need a change in mindset for the financial sector, one that recognizes that efficiency, innovation, and value for money are as important for the poor as they are for our new Indian multinationals, and these will come from improved governance, new entry and competition. Indeed the Committee believes that the road to making Mumbai an international financial centre runs through every village in India.
The report is divided into separate self-contained chapters; the underlying theme behind all the proposals is the need to enhance inclusion, growth, and stability by allowing players more freedom, even while strengthening the financial and regulatory infrastructure. The role of the government is to create an enabling environment by building sound financial infrastructure. The Committee has focused primarily on broad principles and directions, without entering too much into details of implementation. It emphasizes three important reasons for financial sector reform: to include more Indians in the growth process; to foster growth itself; and to improve financial stability, flexibility, and resilience and thus protect the economy against the kind of turbulence that is affecting the world today.
The Committee recognizes this is a
difficult time to propose financial sector reforms in India. The near
meltdown of the US financial sector seems to be proof that markets and
competition do not work. This is clearly the wrong lesson to take from
the debacle. The right lesson is that markets and institutions do
succumb occasionally to excesses, which is why regulators have to be
vigilant. The report argues for skilled regulators who encourage growth
and innovation even while working harder to contain risks.
Table of Contents
- Introduction, Executive Summary, and List of Main Proposals
- The Macroeconomic Framework and Financial Sector Development
- Broadening Access to Finance
- Levelling the Playing Field
- Creating More Efficient and Liquid Markets
- A Growth-Friendly Regulatory Framework
- Creating a Robust Infrastructure for Credit
- Special Topics
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