Abstract
Ten years ago the late I.G. Patel opened his presentation to the Stanford University Conference with a citation from the Reserve Bank's Report on Currency and Finance thus: "India is no longer an economy of scarcity and shortages: food stocks and foreign exchange shortages and rationing of essential goods and materials are memories of the past. In the macroeconomic and financial spheres inflation has been contained, external debt indictors have improved, exchange rate is flexible and the country is free of financial repression.India has become much more integrated with the world economy".
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