The Monetary Policy in the System of State Regulation of the Indian Economy

The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign mar...

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Autor principal:	N. V. Galistcheva
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2015
Materias:	«дешёвая» рупия india liberalization of the indian economy liberal reforms in india indian monetary policy instruments of the indian monetary policy the exchange rate policy undervalued rupee rupee convertibility nominal effective exchange rate of rupee real effective exchange rate of rupee india’s foreign exchange reserves International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/682f2f60a9534fd3a8ac4443ee277835
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spelling	oai:doaj.org-article:682f2f60a9534fd3a8ac4443ee2778352021-11-23T14:50:59ZThe Monetary Policy in the System of State Regulation of the Indian Economy2071-81602541-909910.24833/2071-8160-2015-1-40-97-107https://doaj.org/article/682f2f60a9534fd3a8ac4443ee2778352015-02-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/288https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign markets as well as stimulating the inflow of foreign capital in necessary volumes into the national economy. The author focuses on the main instruments of the modern Indian monetary policy, pursued in line with providing the undervalued rupee, which include the manipulating of the bank rate and currency interventions, directed mainly at sterilization of excessive inflow of foreign currency to the country. The article also underlines all the advantages and costs of the monetary policy. One of its main advantages is stimulation of national production's exports and among costs there are difficulties of importing machines and equipment into the country, increase of inflation rate as a result of massive inflow of export revenue, difficulties at external debt's service. The author notes the gradual nature of introduction of current account rupee convertibility and reasons for delay in achieving its full convertibility. Among them there are rather high level of fiscal deficit of the consolidated budget, essential average annual level of inflation, problems of non-performed assets in the economy, high liquidity ratio for commercial banks. The article also presents statistical data on the present state of the Indian foreign exchange reserves as well as dynamics in nominal and real effective exchange rate of rupee in 2005/06 - 2013/14 fiscal year.N. V. GalistchevaMGIMO University Pressarticle«дешёвая» рупияindialiberalization of the indian economyliberal reforms in indiaindian monetary policyinstruments of the indian monetary policythe exchange rate policyundervalued rupeerupee convertibilitynominal effective exchange rate of rupeereal effective exchange rate of rupeeindia’s foreign exchange reservesInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 1(40), Pp 97-107 (2015)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	«дешёвая» рупия india liberalization of the indian economy liberal reforms in india indian monetary policy instruments of the indian monetary policy the exchange rate policy undervalued rupee rupee convertibility nominal effective exchange rate of rupee real effective exchange rate of rupee india’s foreign exchange reserves International relations JZ2-6530
spellingShingle	«дешёвая» рупия india liberalization of the indian economy liberal reforms in india indian monetary policy instruments of the indian monetary policy the exchange rate policy undervalued rupee rupee convertibility nominal effective exchange rate of rupee real effective exchange rate of rupee india’s foreign exchange reserves International relations JZ2-6530 N. V. Galistcheva The Monetary Policy in the System of State Regulation of the Indian Economy
description	The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign markets as well as stimulating the inflow of foreign capital in necessary volumes into the national economy. The author focuses on the main instruments of the modern Indian monetary policy, pursued in line with providing the undervalued rupee, which include the manipulating of the bank rate and currency interventions, directed mainly at sterilization of excessive inflow of foreign currency to the country. The article also underlines all the advantages and costs of the monetary policy. One of its main advantages is stimulation of national production's exports and among costs there are difficulties of importing machines and equipment into the country, increase of inflation rate as a result of massive inflow of export revenue, difficulties at external debt's service. The author notes the gradual nature of introduction of current account rupee convertibility and reasons for delay in achieving its full convertibility. Among them there are rather high level of fiscal deficit of the consolidated budget, essential average annual level of inflation, problems of non-performed assets in the economy, high liquidity ratio for commercial banks. The article also presents statistical data on the present state of the Indian foreign exchange reserves as well as dynamics in nominal and real effective exchange rate of rupee in 2005/06 - 2013/14 fiscal year.
format	article
author	N. V. Galistcheva
author_facet	N. V. Galistcheva
author_sort	N. V. Galistcheva
title	The Monetary Policy in the System of State Regulation of the Indian Economy
title_short	The Monetary Policy in the System of State Regulation of the Indian Economy
title_full	The Monetary Policy in the System of State Regulation of the Indian Economy
title_fullStr	The Monetary Policy in the System of State Regulation of the Indian Economy
title_full_unstemmed	The Monetary Policy in the System of State Regulation of the Indian Economy
title_sort	monetary policy in the system of state regulation of the indian economy
publisher	MGIMO University Press
publishDate	2015
url	https://doaj.org/article/682f2f60a9534fd3a8ac4443ee277835
work_keys_str_mv	AT nvgalistcheva themonetarypolicyinthesystemofstateregulationoftheindianeconomy AT nvgalistcheva monetarypolicyinthesystemofstateregulationoftheindianeconomy
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The Monetary Policy in the System of State Regulation of the Indian Economy

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