A to Z of India’s reforms agenda

A for aviation reforms; allowing airlines to invest in India’s aviation sector won’t get too many buyers right now but will signal a reforms agenda—and the good thing is that not too many political parties, barring Mamata’s, will object. B for bonds, of the Resurgent India Bond (RIB) kind, that are needed to shore up forex reserves. Get SBI to raise $15-20 billion immediately. Monday’s measures add at best $15 billion to inflows—“risk off” lowers crude prices but also lowers FII and other hot money inflows, thereby reducing India’s ability to finance even a reduced...

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