India’s economic woes is of its own making | GulfNews.com

India’s economic woes is of its own making | GulfNews.com:

"India’s imposition of capital controls shows how the prospect of a rollback of US monetary policy is already starting a global war for capital.
India has rolled out a series of capital controls to help support the partially convertible rupee, which has been hammered 13 per cent lower so far this year and stands at an all-time low against the dollar. Besides limits on the amounts Indian individuals and business can shift out of the country, India has banned the duty-free import of flat-screen televisions by airline passengers, a move that has the feel of clutching at straws.
Financial markets have been unimpressed by the moves, which started earlier this year, accelerating a shift in the wrong direction as investors weigh the possibility of further capital controls, perhaps even the capturing of foreign money. To be sure, much of India’s problems are of its own making."

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