........... The latest data from the Reserve Bank of India shows India to have received $ 89.3 billion of net capital flows in 2012-13 – the highest ever since the record $ 106.6 billion of 2007-08. These inflows are now drying up, making it difficult to finance even what could be a lower CAD this year. Unlike 1990-91, however, India is today a much bigger and a more open economy offering far greater long-term growth prospects. While its external imbalances are too large for a bailout of the kind that the International Monetary Fund extended in 1991, there is no reason to believe that global private capital would forever shun a country that showed a glimpse of its potential only last decade............
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