TINA, India and 25 Years of Economic Liberalisation

Although India has been ‘reforming' since 1991, almost nobody seems to be satisfied with either the progress or the outcome. The reformers need to put the economy's long-term interests above financial sector short-termism, reorganise the domestic financial system to keep credit productive and debate if a bank lends existing money or newly creates the money it lends, as the answer has major implications for monetary and fiscal policies, as well as for financial sector reforms