Such a Long Journey: India’s Opening of its Capital Account

21 February 2006

Suman K Bery

Chaired by Professor Robin Jeffrey, Convener of the ANU College of Asia and the Pacific

Presented by the Australia South Asia Research Centre, Research School of Pacific & Asian Studies, ANU College of Asia & the Pacific.

In this lecture, Suman K. Bery looked at the steps India needs to take before it can fulfill its potential and become one of the world's great economic powers. He focused on India’s management of its exchange rate and monetary policy, including the opening of its capital account and the management of its fiscal rate and reserves. Mr Bery argued that this is the right time for India to adopt convertibility of the rupee on the capital account and enhance economic growth prospects, because of its current large foreign exchange reserves.

A paper by Lal, Bery & Pant, The Real Exchange Rate, Fiscal Deficits and Capital Flows, is available on request from asarc@anu.edu.au

Broad Topics: Asia and the Pacific, Business and Economics

Sub-topics: Commerce, Economics, International Business

Areas: ANU College of Asia and the Pacific

Suman K. Bery has been Director-General of the National Council of Applied Economic Research in New Delhi since 2001. He participates in numerous government committees and undertakes extensive public speaking and writing on economic issues, particularly on the macroeconomics of economic development.

Part of the 2006 Toyota-ANU Public Lecture Series