Not just in RBI, across sectors a reversal of reform

Finance Minister P Chidambaram's attempts to talk up the rupee today after it slid to a record low that forced the benchmark stock market indices down by about 4 per cent may not be enough to assuage investors' fears. For, their confidence has been undermined as much by the Reserve Bank of India's panic late on Wednesday to clamp down on how much Indian nationals and domestic companies can invest abroad as by the long list of administrative clampdown and policy inaction across sectors in this government.

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