Fighting the gold bug

Policy making in India is often like unwanted pregnancies — what one sets out to achieve and the actual outcome are not only different, but the by-products also complicate matters. Consider the following: Policy makers have been averse to volatile capital inflows, but India today is hooked on to them. Our low-beta economy now has a high-beta equity market and a high-beta currency — the latter often clubbed with the riskiest emerging market currencies.

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