Recognising these developments, Prime Minister of India, Dr. Manmohan Singh in his welcome address to the Board of Governors of the Asian Development Bank (ADB) at the 39th Annual General Meeting in Hyderabad, a couple of weeks ago, highlighted the importance of correcting these imbalances.
I quote from his address: “While to some extent mismatches in current account positions are to be expected - and even desirable - in the global economy, large disparities raise concerns about unsustainability and hard landings. The process of correcting imbalances can be disruptive if it is sudden and unexpected. The present level of global imbalance cannot be sustained forever.