Indian banking, central banking, and the economy
This is a post on my two brief meetings with KRK Menon, the first Finance Secretary. But, let me first start with a brief on the son. A person of Indian origin heading a global MNC no longer makes waves. Nevertheless, it is still surprising that the passing away of Bhaskar Menon in March this year, aged 86, went largely unnoticed in India, barring a few odd write-ups and mentions. Continue reading “KRK Menon, First Finance Secretary”
“…appreciation of a garden lies not with the gardener but with the observer of the many gardens I have cultivated.”
C.D. Deshmukh, The Course of My Life.
If one were to walk down from Churchgate in South Mumbai, towards Mantralaya, along the Jamshetji Tata Road, the third round is Deshmukh Chowk. It is named after Chintaman Dwarakanath Deshmukh, the third Governor of the Reserve Bank of India and India’s third Finance Minister. There could be two claimants to getting the roundabout so named after Deshmukh. Continue reading “Roses and Magnolias: Deshmukh’s Lovely Gardens”
This post is a longer version of my article on James Wilson, the first Finance Member of the Viceroy’s Executive Council, which was published in Business Standard dated 21 January 2021. Please see the link here. Wilson was also the Founder of The Economist, and the Standard Chartered Bank. He presented the first Indian budget in 1860, and introduced income tax in the country. He also laid the foundations for introducing government paper currency in India the Indian Police, and the Office of the Comptroller and Auditor General, among other things. Continue reading “Hawick to Hawick: Life of James Wilson”
Regulation and supervision are much more complex than meets the eye. This post attempts to draw a few regulatory and supervisory lessons. This is against the background of a recent book by a well-known economist and former Governor, Reserve Bank of India.
If one were to write the history of the Reserve Bank of India today, the midpoint would be May 1977. This was when the new Janata Government forced the resignation of K.R. Puri, the 12th Governor. M. Narasimham, his successor, has in his memoirs detailed the events that led to the resignation. After another change of government, a vindictive Puri would come back, as a one man Commission. His report faulted the conduct of gold auctions under the venerable I.G. Patel, among the most brilliant Governors of the Bank. Continue reading “Regulation and Supervision: A few lessons”
The death centenary of Srinivasa Ramanujan, which fell on 26 April 2020. Sadly, went largely unnoticed in India. Even Google did not know, or did not find any need to doodle.
To mark the occasion, I had written a rather long essay for the OPEN magazine which published it online on the same day (see here). I had given it to them only the previous night. Those interested in a slightly different version, with more pictures, please see here. Continue reading “Srinivasa Ramanujan with C.D. Deshmukh and P.C. Mahalanobis”