Ten years ago, almost to the day, the late I.G. Patel opened his presentation to the Stanford University Conference with a quote from the Reserve Bank of India’s Report on Currency and Finance for the year 2003: “India is no longer an economy of scarcity and shortages: food stocks and foreign exchange shortages and rationing of essential goods and materials are memories of the past. In the macroeconomic and financial spheres inflation has been contained, external debt indicators have improved exchange rate is flexible and the country is free of financial repression…India has become much more integrated with the world economy.” The RBI’s tone is euphoric, it evokes a sense of freedom from chains, and the fruits of that heady liberation are evident in its laundry list of achievements.............
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