While he was critical of the considerable resources that tended to be devoted to “churning”, to “gambling” and endogenous, self-referential activities in financial market, he was a lifelong critic of the Tobin tax named after him.
An early decision on these modalities would enable a quicker mobilization of the targeted resources from a wider group of members. On our part, India is prepared to take on its share of responsibility to augment the Fund’s resources. We would be able to commit on the extent of participation once the modalities are evolved in keeping the principles enunciated.