When 70% of the banking sector is with the government, there is a conflict of interest if debt management is done by an office that has some affiliation with the government. I don’t think we will use our function as the debt manager to put pressure on the government about the fiscal deficit. There are other avenues to pressure and to argue our case.
As far as debt management is concerned, we want to be efficient debt managers. WSJ: How much does China, as India’s largest trading partner, weigh on your economic analysis? SUBBARAO: Perhaps we reckon with that possibly less than we should be doing. Our trade with China is growing, our links with China are growing and we’ve allowed corporates to raise debt in yuan.