Book Review: ‘Slip, Stitch and Stumble’ by Rajrishi Singhal

Unraveling the Threads of India's Financial Transformation

Book Title: Slip, Stitch and Stumble: Financial Sectors Reforms in India
Author: Rajrishi Singhal
Publisher: Penguin Business
Number of Pages: 304
ISBN: 978-0670092116
Date Published: Jan. 22, 2024
Price: INR 439

Slip, Stitch and Stumble by Rajrishi Singhal Book Cover

Book Review

Slip, Stitch, and Stumble: Financial Sector Reforms in India” by Rajrishi Singhal delves into the transformative impact of Manmohan Singh’s 1991 Union Budget speech on the Indian economy, particularly its financial sector. Over three decades later, the reforms initiated by Singh remain a work in progress, prompting questions about their motivations and the challenges hindering their completion. The book’s author, Rajrishi Singhal, is a senior journalist, banker, and public policy analyst- and -consultant with a master’s degree in economics from Jadavpur University. He has served on government committees and writes a column for Mint and moneycontrol.com. He has served on two government committees and is currently based in Mumbai with his wife and two daughters.

Through a nuanced examination, Rajshri’s book sheds light on the evolution of financial sector reforms, revealing a patchwork of initiatives that have left the sector vulnerable to failure.

Rather than offering a comprehensive history, “Slip, Stitch, and Stumble: Financial Sector Reforms in India” focuses on the motivations driving India’s financial sector reforms. It explores the complexities behind major policy changes and the individuals shaping the course of these reforms. Against the backdrop of India’s transition from a closed economy to one of the world’s fastest-growing, the book uncovers the underlying tensions and roadblocks impeding progress.

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Financial sector reforms are pivotal in driving economic growth and development, encompassing banking, capital markets, government debt, and foreign exchange markets. By mobilising savings and fostering efficient utilisation in productive sectors, these reforms have bolstered India’s resilience, stability, and growth rate. The emergence of private sector and foreign banks has intensified competition, enhancing efficiency and performance across the banking sector.

As India’s GDP continues to surge, fuelled by robust domestic demand and government investment, the role of financial sector reforms in sustaining this growth becomes increasingly evident. With rising employment, private consumption, and exports, India is poised to become one of the top three economic powers in the next decade. “Slip, Stitch, and Stumble: Financial Sector Reforms in India” offers invaluable insights into the journey of India’s financial sector reforms, highlighting their significance in shaping the nation’s economic trajectory.

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