, relevant and important questions, but they defy simple answers. as we ’ ve just seen, even a group of leaders from across bengal pose a bewildering diversity in their world views, personality traits and leadership styles. imagine spreading the net and looking at leaders across the world across and time. the challenge of distilling the essence of leadership will snowball into a mind boggling task. be that as it may, it is still possible to identify some fundamental attributes that all leaders embody : vision, humility, determination, and above all, character. steve jobs 12. with that framework in mind, let us turn to another admittedly enigmatic leader from an altogether different context, steve jobs. ever since his death a couple of months ago, a lot has been written about jobs, about his personality, his style of life and work and about how he changed the way we live in a fundamental way. for all his achievements, jobs is reputed to have had notoriously anti - leader personality traits : egomaniacal, dictatorial, manipulative, rude, insensitive and downright obnoxious. and his trade mark top down style of management is about as heretic as it can get from a leadership perspective. 13. so what made jobs tick? he always thought, if you ask customers what they wanted, they would only tell you, “ better, faster, and cheaper ”, which is that they would opt for “ sameness ”, possibly an improved version. they can describe their “ wants ” only in terms of what they are already using. this was not good enough for jobs. he used his imagination and lateral thinking to go beyond “ sameness ”, and offered quantum changes in product concept and design. much like the proverbial salesman who could sell a refrigerator to an eskimo, jobs could make people not only want, but even love what they thought were impersonal gadgets. 14. combining as he did, easy - to - use hardware with compelling software ecosystems, jobs was a blend of an artist ’ s touch with an engineer ’ s mind. he had unflinching faith in himself and never lost his confidence or self - esteem even in moments of deep adversity. he was thrown out of apple, a company that he famously built from scratch in a garage. a lesser man would have been shattered and departed the scene. not jobs though. he not only survived the adversity, but bounced

or non - resident, with an exposure to the exchange rate of rupee to hedge it using onshore derivatives and on the other, we have been circumspect about introducing new products, such as, complex options including the so - called exotics for reasons no other than the misuse of the products, either not matching with one ’ s risk or even for buying risk with a speculative strategy. as i see it, the universe of permitted derivatives will expand and even undertaking a derivative transaction will become simpler. all this, however, depends on how stable the currency markets remain and how responsibly the market participants behave. i hardly need to stress that in all financial transactions in general and derivative transactions in particular, the principle caveat venditor applies just as strongly as the principle caveat emptor. regulating cross - border transactions : responsibility & responsiveness 15. now i come to the first question i had posed earlier, that is, how to ensure stability of the exchange rate. the obvious response that springs to one ’ s mind is intervention by the central bank. intervention, however, is to be used only in extreme situations and cannot be a part of the policy framework. intervention has got costs and other implications like negative carry of the foreign exchange reserves, interference with the monetary policy framework, cost of sterilization of intervention operations, etc., depending upon whether intervention consist of buying or selling foreign exchange. the strategy, therefore, seems to be a combination of some capital controls and flexible exchange rate. earlier this year, the bank of japan governor kuroda was reported to have advised china to “ impose capital controls to defend the yuan rather than keep burning through currency reserves ” 3. the role of capital controls, rather active capital account management, in preserving stability in the external sector and foreign exchange market has now been well recognised in the aftermath of the science and stocks, newsweek, september 1966. bloomberg – january 23, 2016. bis central bankers ’ speeches global financial crisis. some studies have shown that capital controls measures for capital account management are desirable in certain circumstances even when the exchange rate is flexible. here, i can cite the examples of how we have been calibrating the outflows permitted under the liberalized remittance scheme ( lrs ) and the inflows under the external commercial borrowings ( ecb ) framework in the indian context. 16. during the fera regime, there was complete exchange control. not only capital account, even