Another issue that may come up going forward relates to repayment of FCCBs. The redemption pressures on account of FCCBs would start building up from 2010–11 and peak in the next couple of years till 2012–13. The relaxation of buy-back guidelines and refinancing has helped the corporates to better plan for the impending repayments.
4  For an interesting study of the productivity gains of Mexican manufacturing exports, see Oviedo, M. (2012), “The productivity revolution and the China (manufacturing) syndrome,” Barclays, Emerging Markets Research, 6 September.