.................The hard truth is that even if a country “gets things right” regarding spending, subsidies, taxes and regulations, its economy won’t become a thriving, innovative giant with deep capital markets unless its money achieves a Rock of Gibraltar-like reputation for reliability. Raghuram Rajan, the new governor of the Reserve Bank of India (RBI), seems to understand the harmful impact of inflation. But for India to break decisively from its bad monetary habits of the past, two key things are critical..........
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