.... exposition of the risk-averse view came recently from YV Reddy, former RBI Governor, at the annual NCAER-Brookings India Policy Forum. He said the government viewed a CAD of 2.5% of GDP as a safe average. Obviously the CAD could fluctuate around this. Reddy said the international climate had deteriorated greatly in the last year, necessitating a new look at safety limits. The world economy was in turmoil, with the eurozone in dire straits and slowdowns across the globe. Financial flows and currency rates seemed far more volatile than earlier. Many Indian companies had difficulties raising foreign loans......
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