In this process, growing integration of the Indian economy with the rest of the world also had to be recognised and provided for. Against this backdrop, the coverage of this paper is threefold. First, I will give a synoptic account of the reforms in financial sector and monetary policy.
Second, this is followed by an assessment of these reforms in terms of outcomes and the health of the financial sector. Finally, lessons emerging from the Indian experience for issues of topical relevance for monetary authorities are considered in the final Section. BIS Review 50/2006  1  II.