Exactly a decade ago, Bimal Jalan famously declared in his farewell interview as Governor of the Reserve Bank of India (Financial Express, August 18, 2003): "there is no longer an external constraint to (India's) growth". A decade later, talk of an "external constraint" to growth has resurfaced. To an extent, it is the consequence of the trans-Atlantic financial crisis and the global economic slowdown, but it is also a manifestation of internal problems. Jalan's 2003 declaration was doubly significant............
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