Capital Account Convertibility: Inching in Dribs and Drabs

They were the early days of 1991 when severe macroeconomic imbalances shadowed India’s Balance of Payments. Plummeting of forex reserve was coupled with macroeconomic instability which is now a tale of an economic ordeal – The 1991 Crisis. One thing we learned was to get away with the silos and globalize. Globalization called for currency …

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