22. India’s integration with the global economy over the last ten years has been much more rapid than we tend to acknowledge, and over the next ten years, it will be much more rapid than we tend to believe.
The Economic Survey of 2011/12 had argued that this PPP convergence process for India over the next 30 years would involve an additional inflation of 2 percentage points with no exchange rate adjustment and 1.5 per centage points if the rupee is allowed to appreciate.