Now, as the crisis recedes, there is a deep, intellectual churning, and we are on to, as most people hope and believe, Schumpeterian “creative destruction”. 18. Even at the risk of being clichéd, let me say that at the Reserve Bank, we need to “think global and act local”.
The idea is not to fight globalization but to manage it to the country’s best advantage. Mahatma Gandhi said [and I quote], “I do not want my house to be walled in on all sides, and my windows to be stuffed. I want the cultures of all the lands to be blown about my house as freely as possible.