Hence, the high stock of public debt relative to GDP has not so far been a matter of concern as far as stability is concerned, while it is recognised that long term sustainability would call for a gradual reduction to prudent levels. VI. External sector reforms  Benefiting from a calibrated and sequenced strategy of liberalisation, India’s external sector has become more resilient.
Exports have been growing at an average rate of around 25 per cent during the last three years, while imports have grown by around 35 per cent during the same period. The current account remained in surplus during 2001-02 to 2003-04, before turning into a modest deficit since then.