policy measures address the structural problems underlying
India's current account imbalance, piecemeal steps
like tariff hikes would fail to stall the tumbling
rupee. There is an urgent need to bring down the import
intensity of the growth process it, besides gradually
moving away from high fossil fuel dependence over
the longer term. It is high time to impose some curbs
on volatile capital flows, which aids and abets bubble-building
only to inflict currency meltdowns in future.
The article was originally published in the Hindu
Business Line on November 1, 2018.