Chakravarthi Rangarajan on Monetary Policy After Liberalization
Ideas of India
The Progress of the External Sector Management Playbook
The external sector management playbook that we followed since the reforms were really written by you both in terms of your work as governor and also expert committee reports. And that's the playbook everyone has followed since then and we haven't had any issues. How much of our success would you credit to the fact that in the 1980s, you had already started working with the IMF on the loan agreements that were given to India? So that's part one. And part two, the gradualism with which you had already begun devaluing the currency by stealth in a sense.
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