.........Indeed, the spike in interest rates militates against Subbarao’s theory
of ‘Indian exceptionalism’ which essentially is that unlike text book
cases, foreign
flows from equity funds into India rise when interest rates fall
because it would boost economic growth and corporate earnings. “The
recent RBI moves do not ensure an effective curbing in pressures on the
rupee since they can potentially lead to FII outflows, especially in the
current backdrop of a prolonged phase of weak growth,”.............
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