No escape from freedom: A closed capital account is not a real option

In his article, ‘Against the flows’ (IE, February 24, goo.gl/rOG0oD), Gulzar Natarajan said capital controls were good and necessary. Liberalising our capital account, he claimed, will not benefit India either through higher growth or investment. It will only result in currency crises and higher risks, which we cannot manage.

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