.........As more recent developments have demonstrated, the worst fears of the RBI and a few others have come true. FII flows can change directions and move out of India and other emerging economies as quickly as they came in. Making available even a small portion of the reserves for ‘noble’ causes such as infrastructure financing, as was done, is inherently bad economics. But then there is no accountability for giving bad advice and implementation. Given the tight current account position recently, the RBI has had to dip into reserves, for two quarters in a row..........
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