India: in depth

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India needs a litany of reforms to unshackle its stalled capitalist project. Euromoney speaks with the country's central bank governor Raghuram Rajan about his reformist battle and investigates the outlook for the banking system.

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Raghuram Rajan – Reserve Bank of India governor

 
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Rajan's surgical strikes

Reserve Bank of India governor Raghuram Rajan is battling inflation and crony capitalists to open a new chapter in the Asian superpower’s growth story. Rajan – Euromoney’s central bank governor of the year 2014 – reveals his blueprint for reforms and issues a stark warning about the cracks in the global economy.

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Central bank governor of the year 2014: Rajan emerges unscathed from Indian baptism of fire

Reserve Bank of India governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.

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RBI’s Rajan sounds alarm over breakdown in global coordination

A lack of international monetary policy coordination and efforts to beef up the IMF to reflect the newfound clout of emerging markets (EMs) raises the risks of trade protectionism and market volatility, Reserve Bank of India (RBI) governor Raghuram Rajan tells Euromoney.



Banking

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Modi makeover ignites India's banking leaders

In exclusive interviews, leaders of Indian finance reveal how banks, nursing wounds from the recent credit boom, should be set free from the shackles of state control, as reformists raise hopes of a new dawn for Indian capitalism. A jolt, not a tweak, to the financial system is desperately needed.

 
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India: Waiting game continues for foreign investment banks

Even in a bullish scenario where a Rajan-Modi dream team unleashes reforms – from PSL to the bond market – in an economic super-cycle that sees public lenders recapitalized, foreign investment banks could still be chasing rainbows in India. It is an over-banked market, with dozens of fee-hungry institutions jockeying for business.

   
 

Finance

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Unchain Indian finance

India needs a litany of reforms to unshackle its stalled capitalist project. Modi’s government should take inspiration from the paradox of Singapore’s activist state and strong private sector.