Question : Which committee was appointed to propose reforms for the Indian financial system in the 1991 economic policy?
Option 1: Tarapore Committee
Option 2: Raghuram Rajan Committee
Option 3: Bimal Jalan Committee
Option 4: Urjit Patel Committee
Correct Answer: Tarapore Committee
Solution : The correct answer is (a) Tarapore Committee
The Tarapore Committee, officially known as the Committee on Capital Account Convertibility, was appointed by the Reserve Bank of India (RBI) in 1997 to propose a roadmap for the orderly and sequenced liberalization of capital account transactions in India. The committee, chaired by former RBI Deputy Governor S.S. Tarapore, submitted its report in 1997, which outlined the measures and conditions for achieving capital account convertibility.
The committee's recommendations played a crucial role in shaping India's approach to capital account liberalization and paved the way for further reforms in the financial sector. Its report provided guidelines for the gradual opening up of capital flows, strengthening of financial institutions, and ensuring the stability of the Indian economy during the process of liberalization.
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