RBI’s Mohanty discusses limitations of capital controls

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Deepak Mohanty, the executive director of the Reserve Bank of India, on January 28 said that although controls are necessary to manage the flow of capital, reforms to enhance competitiveness and foreign direct investment were ultimately needed to protect the economy from sudden movements.

At the Indian Institute of Technology in Kanpur, India, Mohanty said: "Capital flows pose a puzzle both in theory and practice. On the one hand, they are credited with a key role in the development of the

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