rbi speech, 2005-09-08
In this context, the Report of the High Level Committee on Balance of Payments (Rangarajan Committee, 1993) recommended improvement in exports, both merchandise and invisibles; modulation of import demand on the basis of the availability of current receipts to ensure a level of current account deficit consistent with normal capital flows; enhancement of non-debt creating flows to limit the debt service burden; adoption of market-determined exchange rate; building up the foreign exchange reserves to avoid liquidity crises and elimination of the dependence on short-term debt.
Sentiment: neutral
Topic: mp_economic_activity