The committee is not a single person It is common to hear observers talk about the Committee’s reaction function, which describes how we will behave in various contingencies.
Subsequent reforms and opening up the capital account to non-debt creating flows of foreign direct investment (FDI) and portfolio equity flows not only completely transformed the sources of financing of the BoP but it also resulted in substantial addition to reserves in the 2000s (Table 4 & Chart 6).