The measures announced cover a wide range and touch almost every part of the financial system. Some of the measures are directed towards improving the functioning of the various markets and bringing about a greater integration among them, which should reduce the volatility of the rates in these markets. These measures are in the nature of institutional and structural reforms.
The improvements in the credit delivery system should remove the ‘chokes’ in the flow of credit. 17. All in all, the measures announced should have the effect of accelerating economic growth, keeping inflationary pressures under control and improving the flow of credit from the banking system to the various segments of the Indian economy. BIS Review 52/1997