Few would dispute that some of the most galling failures have had very little to do with capital requirements and everything to do with greed coupled with disregard for the risks, or gross misjudgement about them.
On the capital account front, India has been following a calibrated and gradual approach towards full capital account convertibility. This approach is based on the emerging macroeconomic and macro-prudential environment and broadly guided various concomitants2/indicators such as i) Fiscal Consolidation, ii) Monetary Policy Objectives, iii) Strengthening of the Banking System and, iv) External Sector Indicators (CAD, Adequacy of Reserves). 55.