“We're at a moment of great global disorder,” said Suman Bery, Director-General, National Council of Applied Economic Research, India. “The anchor currency of the world, the dollar, is swooning,” he added, because of the “mismanagement of the US economy”. He agreed that the rupee should be viewed against a basket of currencies, but argued that now is not the time to worry – what really matters are inflation, investment and overall growth. He suggested that China is not a model to follow – they are suffering by “exporting huge numbers of goods and getting worthless dollars in return”. While further constraints on external commercial borrowing are one remedy, Bery argued that “Indian business needs capital – this is India's moment”.
Confederation of Indian Industry
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