.......A downgrade would have taken India to below investment grade, which would have put off prospective investors and also raised borrowing costs for Indian companies abroad, compounding the existing problems. If this dire scenario did not play out, it is thanks mainly to the measures initiated by the Reserve Bank of India and the government to support the rupee and rein in CAD through a tight squeeze on non-essential imports. A simultaneous pick-up in exports and revival in FII fund flows, following the decision of the U.S. Federal Reserve to continue with its monthly bond-buying programme, certainly helped improve the external environment..........
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