Overview
This collection of speeches delivered by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), captures the dilemmas and trepidations of conducting monetary policy in India. The book covers a wide range of themes critical to central bankers and public policy, while chronicling the journey of the Indian financial system from fragility to resilience. Spread out over five years, these speeches mark a response to the multiple shocks that have impacted the Indian economy since 2020: the COVID-19 pandemic, the Russia-Ukraine war, and the aggressive monetary tightening by advanced economy central banks. It illustrates how India has positioned itself as a leader in many international endeavours and offers a futuristic assessment of two major developments with the potential to reshape humanity: climate change and the advent of the digital revolution and new technologies. The book thus enables readers to explore the complexities of monetary policy in a real-world context, understanding the rationale behind key decisions that have shaped India’s economic trajectory. Essential reading for postgraduate courses on the Indian economy and monetary policy, this book will be useful to students, economists, policymakers, financial market participants, and historians.
Full Product Details
Author: Michael Debabrata Patra
Publisher: Taylor & Francis Ltd
Imprint: Routledge
Weight: 0.590kg
ISBN: 9781041012467
ISBN 10: 1041012462
Pages: 222
Publication Date: 31 July 2025
Audience:
College/higher education
,
Postgraduate, Research & Scholarly
Format: Hardback
Publisher's Status: Active
Availability: Not yet available
This item is yet to be released. You can pre-order this item and we will dispatch it to you upon its release.
Reviews
This book is an important contribution to our understanding how monetary policy and policymaking impact our lives and economies. The book succinctly describes the dilemmas and trade-offs faced by central banks in fulfilling their core mandate in a fast-changing macroeconomic environment characterized by unprecedented shocks and heightened uncertainties. The original blend of theory and practice, summed up aptly under the four broad themes of the book, is essential reading for anyone interested in how economies and policymaking work and can also be a complementary guide to textbook economics for students and academics. All in all, this is a true practitioner’s perspective on monetary policy and financial stability in the face of global spillovers, technological innovations and climate change stands out in a subtle amalgamation of knowledge and experience. A must. Álvaro Pereira, Chief Economist and G20/G7 Finance, Economics Department. As the name ""Testimonial of Tumultuous Times"" suggests, this book by Dr. Michael Patra neatly presents the trials and the tumult that mark the 21st century from a central banker's perspective. It delves into the intricacies of monetary policy making in uncertain times and the conflicts and challenges that central banks face. The book is equally a snapshot of India's journey through these eventful times and the role that it can play in reshaping the global economy by being the voice of the global south. This book is a testimony to the excellence of Dr. Patra's work and sincerity of his commitment. Through the lens of India's experience in managing policy trade-offs amidst unprecedented and overlapping shocks, it provides a useful framework to guide practical policy making, which could serve as a template for emerging economies and as a valuable reference material in academic institutions. S. Mahendra Dev, Professor and Chairman, INSTITUTE FOR DEVELOPMENT STUDIES, ANDHRA PRADESH.
Author Information
Michael Debabrata Patra is an economist and has been a career central banker for four decades. He has also worked in the International Monetary Fund as Senior Advisor during 2008-12. As Deputy Governor of the RBI during 2020–2025, he has been responsible for monetary policy, financial markets, financial stability, economic and policy research, statistics and information management, international relations and corporate strategy, besides overall coordination. He is also a founder member of the monetary policy committee of the RBI, which is entrusted with monetary policy decision-making in India. Educated at Utkal University, Bhubaneshwar, the Indian Institute of Technology, Mumbai, and Harvard University, USA, he has served in leadership roles in a number of organisations, including chairman of the board of directors of the Deposit Insurance and Credit Guarantee Corporation and member of the boards of directors of the National Bank for Agriculture and Rural Development and the Exim Bank. He has also served in board-level positions at a number of academic institutions, such as the Indira Gandhi Institute of Development Research, Mumbai; the Centre for Advanced Financial Research and Learning, Mumbai; the National Institute of Bank Management, Pune; the Indian Institute of Bank Management (chairman of the governing board), Guwahati; and the Bankers Institute of Rural Development, Lucknow.
