Vijay Joshi @MertonCollege @UniofOxford & author of '#India's #LongRoad' https://t.co/T9wvw2MctQ … … also gave the @RBI #LKJha #MemorialLecture - a rare #GlassHalfEmpty #OneHandedEconomist's analysis of India's policy challenges: the main one, #EmploymentGeneration, requires:— Satyen Baindur (@Satyen_Baindur) April 30, 2018
...increasing the #LaborIntensity of India's Growth, and esp its #Exports - which requires both #LaborMarketReform (largely outside @RBI’s remit) +#ExchangeRate management – diagnoses the 2004-17 exchange rate ↑ as having been caused by the #DutchDisease – large capital inflows; pic.twitter.com/shMDXD1iFM— Satyen Baindur (@Satyen_Baindur) April 30, 2018
...and suggests ExchRate was allowed to remain high mainly to keep domestic inflation in check... Recommends departing 4m strict #InflationTargeting & separating monetary & exchange rate policy using #SterilizedIntervention & #TargetedCapitalControls 2 prevent exchange rate ↑.— Satyen Baindur (@Satyen_Baindur) April 30, 2018
