Testimonials of Tumultuous Times

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.