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Slip, Stitch & Stumble

Slip, Stitch & Stumble

The Untold Story of India's Financial Sector Reforms

Rajrishi Singhal
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Manmohan Singh’s 1991 Union Budget speech made history by altering the course of the Indian
economy, especially its financial sector. His measures took a broom to multiple cobwebs in this sector. What Manmohan Singh started over three decades ago is still a work in progress today, but it does raise some questions: Why did he focus on financial sector reforms? What has motivated continuing these reforms?
This book tries to answer questions like these while focusing on the evolution of financial sector reforms which, oddly, remain incomplete even after thirty years. The fabric of this sector has been fraying and initiatives over the past three decades have resembled hasty, temporary needlework; the patchwork, incomplete reforms make the sector further vulnerable to failure. Hence: Slip, Stitch and Stumble.

This book does not claim to present an exhaustive history of financial sector reforms. Instead, it examines the provocations behind some of India’s big-ticket reforms while trying to understand the motivation of players who have been putting roadblocks on the path to progress. All this even as a closed economy
was transforming into one of the world’s
fastest-growing economies.

Imprint: Penguin Business

Published: Dec/2023

ISBN: 9780670092116

Length : 304 Pages

MRP : ₹699.00

Slip, Stitch & Stumble

The Untold Story of India's Financial Sector Reforms

Rajrishi Singhal

Manmohan Singh’s 1991 Union Budget speech made history by altering the course of the Indian
economy, especially its financial sector. His measures took a broom to multiple cobwebs in this sector. What Manmohan Singh started over three decades ago is still a work in progress today, but it does raise some questions: Why did he focus on financial sector reforms? What has motivated continuing these reforms?
This book tries to answer questions like these while focusing on the evolution of financial sector reforms which, oddly, remain incomplete even after thirty years. The fabric of this sector has been fraying and initiatives over the past three decades have resembled hasty, temporary needlework; the patchwork, incomplete reforms make the sector further vulnerable to failure. Hence: Slip, Stitch and Stumble.

This book does not claim to present an exhaustive history of financial sector reforms. Instead, it examines the provocations behind some of India’s big-ticket reforms while trying to understand the motivation of players who have been putting roadblocks on the path to progress. All this even as a closed economy
was transforming into one of the world’s
fastest-growing economies.

Buying Options
Paperback / Hardback

Rajrishi Singhal

Rajrishi Singhal has been a senior journalist, banker and public policy analyst-cum-consultant. He was executive editor at the Economic Times, consulting editor with Mint, head (policy, research and strategy) at a private sector bank and senior fellow for geoeconomic studies at a Mumbai-based think tank. Rajrishi has a master’s degree in economics from Jadavpur University, Kolkata, and is the recipient of two prestigious fellowships: Gurukul Chevening fellow at the London School of Economics (1997–98) and the C.V. Starr fellow at the Center for the Advanced Study of India, University of Pennsylvania (2002).

Rajrishi has served on two government committees appointed to re-examine policy options in areas of financial services such as pension-sector reforms. Apart from his independent consulting practice relating to financial services and public policy, he writes a fortnightly column for Mint (called ‘General Disequilibrium’) and another one on financial services for moneycontrol.com.

He currently lives in Mumbai with his wife and two daughters.

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