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India: No need to control capital flows

11-11-2010 14:02 BJT Special Report:President Hu Attends 5th G20 Summit in Seoul |

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Arriving in Seoul ahead of the G20 is Montek Singh Ahluwalia, Deputy Chairman of India's Planning Commission, which charts the country's economic growth. He says that India does not need to alter its domestic policies to control capital flows.

Montek Singh Ahluwalia, Deputy Chairman of India's Planning Commission said "Many countries create problems on outflows. It is not our official view that what has happened as a result of QE2, is actually creating a problem for India. We have current account deficit, the kind of flows that are there, they are going to be easily absorbed. If the flow is excessive, then we should learn to handle them."

India's response has been measured in comparison with other economies, who have sharply criticized the latest round of quantitative easing by the U.S. Facing with rising currencies, central banks in countries including Japan and South Korea have indicated they may take measures to counter the appreciation pressure. India's central bank, however, has maintained it will only intervene in foreign exchange markets if inflows turn "lumpy" or "volatile".

Editor:Xiong Qu |Source: CNTV.CN

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