In case, there is interest in an overview of theory and analytics, especially in the context of role of monetary policy in revitalizing growth in India, I would urge you to refer to the Report on Currency and Finance 2000-01, released yesterday.
The challenges ahead are aptly summarized in the concluding paragraph of the chapter on Growth, Inflation and the Conduct of Monetary Policy of the Report, which states “The conduct of monetary policy in India would continue to involve the constant rebalancing of objectives in terms of the relative importance assigned, the selection of instruments and operating frameworks, and a search for an improved understanding of the working of the economy and the channels through which monetary policy operates”.