Historical evidence shows that economic development and social development are strongly correlated with the causation possibly running both ways. In recent years, the Government has stepped up expenditure on education, health and nutrition, revamped social sector programmes and tried to improve the delivery systems. 38. Among the many lacunae of our social sector programmes is that we continue to emphasize outputs and not outcomes.
The Code sets out global principles of good practice in the FX market to provide a common set of guidance to the market. Its aim is to promote the effective functioning of the wholesale FX market. How have we gone on that? In my view the FX market is in a better place than it was a few years ago.