Usha Thorat: Financial inclusion and millennium development goals Speech by Ms Usha Thorat, Deputy Governor of the Reserve Bank of India, at the 4th Program on Human Development and State Finances jointly organised by College of Agricultural Banking, Reserve Bank of India, UNDP and the Planning Commission, at CAB, Pune, 16 January 2006.
Our reserves comprise essentially borrowed resources, and we are therefore more vulnerable to sudden stops and reversals as compared with countries with current account surpluses. Way forward 22. For several decades now, EMEs have struggled with capital flows in their own ways. The orthodox view that capital controls are inherently inefficient and should not be resorted to has inhibited mainstream research on the topic.