Chakravarthi Rangarajan on Monetary Policy After Liberalization
Ideas of India
The Reforms of India
In 1991, there were not enough lenders in the market to give us funds. Between 92 and 97 you find that there was enough stimulus for exports. But I think there was a little later one year in which there was a current account surplus also. That is not the common thing even after the reforms. One does not really urge to have a current account deficit at that point in time or even now. Some call current account deficit is acceptable.
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