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Banking
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Policy Environment
Policy Environment
[Exercepted from RBI Annual Report 1999-2000 ]
During the year 1999-2000, the Indian economy exhibited a good degree of resilience. Economic growth continued to be in line with the trend in the post 1991 period, notwithstanding deceleration in agricultural output. Industry showed recovery while the services sector surged ahead, led by some of the fast rising segments such as construction and software. Monetary conditions were supportive of growth. Interest rates softened. The combined gross fiscal deficit of both the Central and State governments increased particularly due to a sharp rise in the fiscal deficit position of State governments. The monetary policy efforts in ensuring availability of sufficient credit at reasonable interest rates were facilitated by the general absence of inflationary pressures in the economy, although towards the close of the year, the inflation rate moved up due to revisions in certain administered prices. The external sector gained in strength with the enlargement of the invisible surplus and capital inflows. Foreign exchange reserves increased by about US $ 5.5 billion in 1999-2000.
Policy Environment can be reviewed under three major heads:
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FINANCIAL REFORMS (including Banking Sector Reforms)
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