The analytical foundations for reforms were provided by three reports: Report of the High Level Committee on Balance of Payments (Chairman: C. Rangarajan, 1991) and the two reports on Capital Account Convertibility (Chairman: S. S. Tarapore, 1997 and 2006).
These reports, inter alia, suggested: (i) encouragement to private capital inflows; (ii) shift from debt creating to non-debt creating flows, (iii) a shift within the debt inflows from short-term to long-term debt, (iv) emphasized on monitoring of external commercial borrowings, and (v) gradual liberalisation of outflows. 2  Cardoso, E.A., and R. Dornbusch, (1989) “Foreign Capital Flows” in H. Chenery and Srinivasan T.N.