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India cautious on capital account convertibility: Summers

Written by: Staff
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Mumbai, Mar 24 (UNI) Indian authorities are moving towards capital account convertibility of the Rupee in ''measured, careful and prudential'' ways in order to reap benefits from increased globalisation of its currency as well economy in the coming years, says Prof Lawrence Summers, President of Harvard University.

''During my interactions with RBI Governor and the Finance Minister, I did not see any big bang approach'' towards the Rupee convertibility, he added.

This would be a ''careful move towards India's contribution to the global economy'', he told reporters, after delivering the ninth L K Jha memorial lecture on 'Reflection on emerging markets reserve accumulations' here.

On its possible impact similar to the South-East Asian crisis in 1997, the Professor from Harvard said, ''I do not find any analogue related to that Asian crisis.... India is in a different situation since it has no short term foreign debts like the countries engulfed in the crisis during that time''.

UNI GC SA VKG2101

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