Let me take a moment to reflect on the journey of Indian financial  markets over the past few decades. Right up to the end of the 1980s, the Indian economy was characterised by an administered interest rate regime, fixed exchange rates, a captive government securities market and current and capital account restrictions.
Policy measures during the decade of the 1990s set the stage for a transition to market-determined interest and exchange rates, shift to a multiple indicator approach and eventually to flexible inflation targeting in the conduct of monetary policy, convertibility in the current account and gradual liberalisation of the capital account.