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

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Financial Reforms

Financial Reforms RAJESH KUMAR JHA in his comment ('Assessing Economic Reforms', July 31) on my comment (May 8) on Deepak Nayyar's paper (April 10) states that I have misrepresented Nayyar regarding deregulation in the financial sector. I thought I should clarify my position on this leaving the rest of what Rajesh Kumar Jha says to the judgment of the reader thus sparing the EPW space the interminable arguments that may issue. Nayyar states: "Deregulation in the financial sector is being contemplated without putting in place prudential norms, institutional systems and legal frameworks which would provide adequate protection to savers and investors!' This together with the quote chosen by Jha suggests that Nayyar is not against deregulation but questions its narrow scope and fast pace (it has to be "paced with care"). Setting prudential norms, etc, is a part of financial sector reforms which aim at deregulation. If these norms, etc, have not been put in place, deregulation or reforms are not adequate. Even incomplete entities can move fast and to ask for slower pace and greater completeness is to complain about inadequacy.

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