..........Singh’s suggestion, coming as it does in response to the ongoing currency crisis, has been made at the wrong time. When currency and foreign exchange issues become a bigger concern than the slowdown in domestic economic growth, then surely structural constraints are a problem rather than some distortion and aberration in the foreign exchange market that can be alleviated by market intervention. This is all the more important because the foreign exchange constraint is now becoming a binding from the demand side. This is unlike in the pre-reform period, when foreign exchange shortage was a supply side issue..........
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