The conceptual framework of this article is excellent, and it makes a point that should be made repeatedly, that attempting to control the rupee has serious negative consequences for the Indian economy, and the almost no proven benefits. The emphasis on allowing individual firms and indeed even individuals, to hedge their risk as they see fit is important. The continued assumption that there is any value in the mountains of regulation that effectively allow well connected firms and inviduals preferential treatment (it is clear that is not achieving any other goal) needs to end.
Please note: Comments are moderated. Only civilised conversation is permitted on this blog. Criticising me is perfectly okay; uncivilised language is not. I delete any comment which is spam, has personal attacks against anyone, or uses foul language. I delete any comment which does not contribute to the intellectual discussion about the blog article in question.Please note: LaTeX mathematics works. This means that if you want to say $10 you have to say \$10.