India has chosen to proceed cautiously and in a gradual manner, calibrating the pace of capital account liberalisation with underlying macroeconomic developments, the state of readiness of the domestic financial system and the dynamics of international financial markets.
Unlike in the case of trade integration, where benefits to all countries are demonstrable, in case of financial integration, a 'threshold' in terms of preparedness and resilience of the economy is important for a country to get full benefits.