The above numbers show that capital flows were in excess of the current account deficit in the years before the crisis during India’s growth boom and that they had abruptly reversed in the crisis year 2008/09. The full balance of payments for the just completed fiscal year 2009/10 is not yet available but latest data show that the net accretion to reserves was modest.
1  Ostry, Jonathan D. and Others (2010), “Capital Inflows: The Role of Controls”, IMF Staff Position Note, SPN/10/04, February 19, 2010. BIS Review 56/2010  3  15. The above numbers and trends are a demonstration of our policy stance.