Open market operations were a second tool at our disposal for pumping additional liquidity into the system. Indeed, as you may know, open market operations are the chief tool employed by the Federal Reserve to affect the global supply of dollars in circulation.
However, it is probably correct to say that the Indian financial sector has been less distorted than China and some of the other Asian countries after the financial sector reforms of the early and mid 1990s. The cost of capital became market related after the mid 1990s. Indian industry appears to have responded well to these emerging market signals.