........Late last year, the Reserve Bank of India Governor gave a speech on the topic of G-20 and India. He argued that “the post-crisis debate on global imbalances has three interrelated facets. The first is the role of exchange rates in global rebalancing... Global rebalancing will require deficit economies to save more and consume less. They (deficit economies) need to depend for growth more on external demand which calls for a real depreciation of their currencies…” He then went on to argue that “export competitiveness…should come from improved productivity rather than an artificially calibrated exchange rate”. Howsoever laudable the objective, the fact is that ............
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