..........The basic problem, however, is more fundamental. Essentially, India has been unable to attract huge volumes of non-volatile non-debt creating flows. While during the last quarter, India rejoiced its ability to finance its humungous current account deficit (CAD) through huge FII inflows, the volatile nature of such flows has come back to haunt us what with FIIs exiting en masse, as economic growth weakens and corporate performance falters.........
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