In fact, I believe that, over the fifteen years of reforms, all our leaders with their diverse backgrounds, and their varied qualities, have contributed to an economic policy in India that has given us some pride today and great hope for tomorrow. On the present status of the banking sector, admittedly, there is scope for considerable improvement.
The total number of contracts traded in this market increased from 3½ billion in 1995 to more than 5 billion in 1997. A further important development that flowed from the globalisation process is the emergence of a Euro-rand market where the outstanding amount of rand-denominated loans raised by non-South African borrowers from non-South African investors now amounts to about R36 billion.