The second structural factor in the Indian context, in my view, is the capital account management framework. Before the crisis, capital controls were generally seen as a hindrance to smooth global integration and a source of inefficiency.
I am glad that this workshop is co-organized with LTI, a very important institution that aims to promote long-term investment in the real economy. We believe in the importance of long-term investment A well-functioning financial system, where agents take a long-term view, is essential for sustainable and inclusive growth. The benefits of long-termism are more apparent than ever.