He has been a member of Commission of Experts of The President of The UN General Assembly on Reforms of The International Monetary and Financial System. He has also been a Guest of the Committee on Global Thought, Columbia University, New York.

His contributions were recognised by award of Doctor of Letters (honoris causa) by Sri Venkateswara University, India; and Doctor of Civil Law (honoris causa), by University of Mauritius. He was also elected as Honorary Fellow of the London School of Economics and Political Science.

Prior to being the Governor, he was Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund. This was preceded by his stint as Deputy Governor, Reserve Bank of India. He was also Secretary, Ministry of Finance, and Additional Secretary, Ministry of Commerce in the Government of India. He served the Government of Andhra Pradesh, India, in several capacities including Principal Secretary and Secretary—Finance and Planning. He was also advisor in the World Bank.

He has been closely associated with several academic institutions in teaching and research capacities. He has authored several articles and published a number of books.

List of Abbreviations
Acknowledgements
Introduction
I. Indian Economy: Review and Prospects
1. India and the Global Economy
2. Importance of Productivity in India
3. Reflections on India’s Economic Development
4. India: Development and Reform Experience, and Prospects
II. Financial-Sector Reforms
5. Reforming India’s Financial Sector: Changing Dimensions and Emerging Issues
6. Global Financial Turbulence and the Financial Sector in India: A Practitioner’s Perspective
7. Rural Credit: Status and Agenda
III. Banking-Sector Reforms
8. Banking-Sector Reforms in India: An Overview
9. Micro-Finance: RBI’s Approach
10. Rural Banking: Review and Prospects
IV. Monetary Policy in a Globalising World
11. Monetary Policy: An Outline
12. Globalisation of Monetary Policy and the Indian Experience
13. Monetary and Regulatory Policies: How to Get the Balance with Markets Right
V. Organisation and Communication Policies of the RBI
14. Central Bank Communications: Some Random Thoughts
15. What RBI Means to the Common Person
16. Organisation and Functioning of the RBI
17. The Virtues and Vices of Talking About Monetary Policy: Some Comments
VI. Managing Capital Account Liberalisation
18. Foreign Exchange Reserves: New Realities and Options
19. Management of the Capital Account in India: Some Perspectives
20. Government-owned Investment Vehicles and Capital Flows: Indian Perspective
VII. Global Financial Imbalances and Crisis
21. Implications of Global Financial Imbalances for Emerging Market Economies
22. Global Imbalances: An Indian Perspective
23. Globalisation, Money and Finance: Uncertainties and Dilemmas
Epilogue: The Global Financial Crisis and India
Select Bibliography