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But the new manager of China’s trillion dollar foreign exchange reserves is buying not just treasury bills, but commodity futures in oil, copper, zinc and what have you.
There needs to be some restriction on the use of ECBs to finance rupee assets—otherwise, the effectiveness of the monetary policy framework will be undermined.
If we manage to maintain growth with monetary and price stability, consolidating past gains on fiscal and financial strength, we will come out greatly stronger - both in absolute and in relative terms
The inflationary overhang into the next fiscal is considerable and risks from oil prices and adverse weather effects on harvests are significant.
The unsettling presence, that has caused all those butterflies in the billion dollar stomachs, is of course, the matter of the price of risk.
It is no stranger to other developing economies; at hundreds of percent, it was known as hyper-inflation, to be found today only where Robert Mugabe rules.
The Budget speech for 2007-08 in a fundamental sense is a break from its several predecessors. For one thing, till last year economic growth of 8% and above were yet targets, and there was some uncertainty about the likelihood of reaching such rarefied levels.
