Speaking here before an assembly of predominantly non-resident Indians, I shall be failing in my duty if I do not mention the foreign exchange framework as it relates to the NRIs. At the outset, I must pay my encomium to Indian Diaspora for its support to the Indian economy in its moments of need.
Yet we did not get the increase in inflation. The story for 1997 ought to be one that conveys a spirit of surprise, a surprise that, at least on the surface, appears to “break the rules” and that results in a remarkably favorable but unexpected outcome. A Traditionalist’s Story: Temporary Bliss.