ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Saving, Investment and Interest Rates

Saving, Investment and Interest Rates Arun Ghosh Four basic questions of great relevance to the Indian economy today. THE government of India has, from the mid-80s generally, been following the advice, guidance and the words of wisdom emanating from the World Bank/IMF and the pundits from the US. From the mid-80s, the then prime minister of India, Rajiv Gandhi, seriously heeded the advice of the then president of the World Bank, Barber Conable, that India should speed up borrowings from 'commercial banks' from abroad in order to speed up the rate of growth of the economy. This was the period when the present finance minister, Manmohan Singh, was deputy chairman of the Planning Commission, and S Venkitaramanan (later, governor of the Reserve Bank of India) was finance secretary in the union government. Both of them actively implemented this policy.

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