Re-visiting the trouble - T.C.A. SRINIVASA-RAGHAVAN

.....The slow reforms of the mid-1980s in the financial sector happened because the so-called ‘Hindu’ rate of growth forced them on the government. As S S Tarapore, former deputy governor of the RBI, once put it, there were over 200 rates of interest in the economy. Simply reducing the rates at the short end was a major reform..........

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