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).
BIS central bankers’ speeches  7  Concluding remarks With the gradual external liberalisation of Indian economy, not only the size of BoP has increased manifold, but the pattern of current and capital account has changed.