One
of the hot subjects that top officials at the Reserve Bank of India
talked about after the credit crisis was the approach to policy-making.
‘Counter-cyclical’ measures were the talk of town, at least on Mint
Street, meaning that create a buffer in good times so that you weather
the bad times. Currency traders now wonder whether it was only meant for
preaching and not practice! When the global market was awash with US
dollars, RBI imposed so many restrictions on debt-raising overseas. Now,
it is busy liberalising ECB norms. The irony is that there is hardly
anyone willing to buy Indian paper.
ET
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