STOCK MARKET BSE NSE

Insights to acheive financial stability

Against the backdrop of India’s economic crisis, a new book titled Quest for Restoring Financial Stability in India by Viral V Acharya was released at a virtual interactive session.

Published: 04th August 2020 07:40 AM  |   Last Updated: 04th August 2020 12:44 PM   |  A+A-

Former RBI Deputy Governor Viral V Acharya delivering the K P Hormis Commemorative Lecture in Kochi on Saturday | melton antony

By Express News Service

Against the backdrop of India’s economic crisis, a new book titled Quest for Restoring Financial Stability in India by Viral V Acharya was released at a virtual interactive session. Published by SAGE Publications India, the book chiefly analyses how under-capitalised banks with weak asset quality and profitability remain vulnerable to further stress and are a cost to the real economy, while looking at what can be done about it. The session was inaugurated by Dr Y V Reddy, former Chairman, 14th Finance Commission and Former Governor, Reserve Bank of India.

“The issues relating to financial stability in India have become more challenging since the speeches were delivered. In addition, the spread of virus has imparted more complications in the face of unprecedented fiscal challenges. In this background, the book is of special and urgent contemporary interest,” said Dr YV Reddy in his inaugural address. Keynote speaker Dr Duvvuri Subbarao lauded , “The conviction and concern with which Viral narrates the frontline battles of a policymaker to influence economic policy debates” adding, “The earnestness with which he writes about them is endearing and compelling.

” The evening concluded with a Q/A and a closing address by Dr Acharya, where he noted: “Post 1991 reforms, India undertook an upward and onward march in economic progress for close to two decades. Since then, lack of financial stability has emerged as its Achilles’ heel. The reasons for this are many. But, the foremost contributor has been the increasing dominance of banking and financial sector regulation by the unyielding deficit situation of the consolidated government balance-sheet.” He further added, “Reining in this fiscal dominance requires not just a strengthening of the institutional framework for fiscal management but also the right balance between the roles played by the government, the central bank, the markets, and the private sector in the economy. The book stirs up this important debate, gives it the primacy it deserves, and provides some useful inputs so together we can implement the much-needed long-lasting solutions to restore financial stability in India.”


Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp