Adjustments by the global economy The debate in India has customarily been on the contours of the public policy in the context of increasing global economic integration. More recently, however, a debate in the rest of the world has been in evidence on the challenges likely to be faced by the global economy on account of progressively increasing global integration of the Indian economy.
So if the people asking us to adopt US interest rates are really arguing for a change of exchange rate regime, then there is no dispute that it could probably technically be done. But this is really a different debate from the one about how to set interest rates.