But I am convinced that the more market participants “get their hands’ dirty”, the more the ABS market as a whole will benefit. This is because more informed market participants means greater discipline for data providers, less automatic reliance on others’ opinions, and greater awareness of gaps in the transparency requirements across financial products.
There is increasing evidence of strong inter-linkages between markets. In the macro economic and financial spheres, inflation has been contained, external debt indicators have vastly improved, the exchange rate is flexible and the country is free of financial repression. The trade account is open and India has become much more integrated with the world economy.