Time to fast-track full convertibility

The dramatic (37.5 per cent) growth in exports in 2010-11 confirms my long-standing belief that the exchange rate is not a major determinant of India’s export competitiveness. Despite the rupee strengthening by four per cent on an average in 2010-11 – 5.5 per cent, if we use the average rate three months in advance, when most exports were likely priced – exports surged like never before.

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