Teaching our citizens can be a stepping stone to teaching the world. India can be at the forefront of providing mass technology-enabled education laced with appropriate human inputs to the world. 3. We need better business regulation. This does not always mean less regulation but it means regulation that is appropriate to the objective and that is enforced.
Asset classes such as repos, which play a direct role in our monetary policy operations, are increasingly being cleared through CCPs. Any closure of certain repo market segments due to a CCP failure would therefore inevitably limit our ability to align money market conditions with our monetary policy intentions.