ARVIND SUBRAMANIAN, fellow at the Peterson Institute for International Economics recommends greater interaction between the government and the Reserve Bank of India on strategic and long-term issues such as the liberalization of the financial sector and that of the capital account. In an op-ed in The Business Standard, "What Globalization Strategy for India?", he states that a combination of factors such as greater availability of foreign capital seeking higher returns in India and a domestic political economy that favored foreign capital would ensure that India moved to a model based on reliance to foreign capital by default and this called for a jolt out of policy inertia and a greater co-ordination between the key stakeholders on strategic issues.
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