In the crises of the past fifteen years, central bankers have become big public players in a drama that affects all our lives, involving financial market crashes, public health threats and devastating economic downturns. Having played a lead role in the global financial crisis and the coronavirus crisis, they are now being asked to broaden their appeal. But the key aim has always been one of simply ensuring monetary and financial stability. In this book, NIESR director Jagjit Chadha unpacks the world of central banking, explaining in accessible language the analytical techniques, policy toolkits or simple story-telling that they use to understand the economy, to implement monetary policy and to communicate their decisions to key decision-makers and the wider public.
6 June 1984: The Indian Army storms the Golden Temple in Amritsar. Called Operation Bluestar, the historic and unprecedented event ended the growing spectre of terrorism perpetrated by the extremist Sikh leader Jarnail Singh Bhindranwale and his followers once and for all. But it left in its wake unsolved political questions that continued to threaten Punjab's stability for years to come. How, in a brief span of three years, did India's dynamic frontier state become a national problem? Who was to blame: the central government for allowing the crisis to drift despite warnings, or the long-drawn-out Akali agitation, or the notorious gang of militants who transformed a holy shrine into a sanctuary for terrorists? First published two months after Operation Bluestar, The Punjab Story pieces together the complex Punjab jigsaw through the eyes of some of India's most eminent public figures and journalists. Writing with the passion and conviction of those who were involved with the drama, they present a wide-ranging perspective on the past, present and future of the Punjab tangle; and the truth of many of their'conclusions having been borne out by time.
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