This event is now over

Event Details


Leaderspeak-Discussion: Independent  Monetary Policy and a separate Debt Management Policy for India? 

The world is increasingly globalising and becoming complex. There is a critical need to focus and formulate an independent Monetary Policy while separating Debt Management from the Reserve Bank of India.

The need for such a separation has been discussed in detail in a new book  “Debt Management in India ” by Dr. Charan Singh, Chairman, Punjab & Sind Bank; Visiting Professor of Economics, UCLA Anderson School of Management, Los Angeles, and former RBI Chair Professor, IIM Bangalore. Dr. Singh had earlier worked as a research Director for nearly a decade in the RBI, and then as Senior Economist in Independent Evaluation Office of the IMF, Washington DC. The book, published by Cambridge University Press, contains a comprehensive analysis of the implications of rising public debt in India and covers his doctoral research at University of New South Wales Sydney, and post-doctoral research conducted at Harvard and Stanford Universities, respectively.

The discussion will be in the form of a panel, where eminent speakers will be in discussion with the Author. The speakers include:

 a)  Dr. S.S. Bhalla, Member of the Prime Minister’s Economic Advisory Council. Dr. Bhalla is the Chairman and Managing Director of Oxus Investments, an economics research, asset management, and emerging markets advisory firm. He has been a member of the Secondary Markets Advisory Committee of SEBI and the National Statistical Commission of India. Dr. Bhalla writes extensively on economic issues and has recently authored a book titled, The New Wealth of Nations.

 b)  Mr. B.K. Bhattacharya (IAS) retired as Chief Secretary, Government of Karnataka, prior to which he held several bureaucratic assignments, covering a spectrum of areas. Post-retirement, Mr. Bhattacharya headed the Expert Committee on Pension Reforms and was the Team Leader of the U.S.AID GOI project on State sector Fiscal Reforms and also appraised the UNDO-GOI project on Human Development Programme, in selected Indian states. Mr. Bhattacharya was also Chairman of the Expenditure Reforms Commission.

 c) Prof. Vinod Vyasulu, Vice-Dean, Jindal School of Government and Policy, has taught at IIM Bangalore and XLRI Jamshedpur. Dr. Vyasulu was Director of the Institute of Public Enterprises, Hyderabad and held the RBI Chair at the Institute of Social and Economic Change, Bangalore. He was also Director of the Centre for Budget and Policy Studies Bangalore.

 d) Prof. Narendra Pani, National Institute of Advanced Studies, is also Adjunct Faculty at Indian Institute of Science, Bangalore. Dr. Pani began his career in 1980 at the Indian Institute of Management, Bangalore and has worked both, in media and academic institutions.

Date/Venue/Time: Wednesday, 4th July 2018 at 5.30 pm – IIMB Auditorium

Invitation for Hi-Tea 

We invite you to Hi-Tea after the even, for ideating and interacting with the speakers.


We look forward to receiving your confirmation on Alternatively, you could also send an email confirmation to the email address below. We seek your cooperation in sending us this confirmation, as it will help us plan the logistics at our end.

 Thanking you,


Manoj Chakravarti

Chief Operations Officer

Centre for Corporate Governance and Citizenship 

Indian Institute of Management Bangalore Bannerghatta Road

Bannerghatta Road Bangalore -560076

Phone: 080-26993465



This book is a comprehensive analysis of the implications of rising public debt in India. It specifically investigates the implications of domestic debt on consumption, the effect of monetised debt on prices, long-term relationship between domestic debt and growth, and separation of debt and monetary management.

It studies data on debt in India from 1951 to 2017 and covers a wide canvas of issues related to debt management and important developments in the government securities market. It discusses trends in domestic debt provides a descriptive review of the major components of public debt. It presents a close theoretical discussion on the Ricardian Equivalence Hypothesis, an important concept both historically and in contemporary literature on public debt. The implications of domestic debt delineated in the objectives are empirically analysed. 


List of Tables and Figures; Preface; 

1. Introduction

2. Public Debt in India

3. Ricardian Equivalence: Introduction

4. Ricardian Equivalence: Empirical Studies Utilising Consumption Function 

5. Ricardian Equivalence and Consumption in India

6. Monetisation of Debt in India

7. Domestic Debt and Economic Growth in India 

8. Separation of Debt from Monetary Management

9. Conclusions and Policy Implications




Manoj Chakravarti
Chief Operations Officer
Centre for Corporate Governance and Citizenship
Indian Institute of Management Bangalore
Ph: 080-26993465


IIMB Auditorium
Centre for Corporate Governance and Citizenship
Indian Institute of Management Bangalore Bannerghatta Road
Bangalore, Karnataka