One of the finest minds on foreign exchange management, monetary and fiscal policies, on debt and currency markets, on bank management and governance, and indeed on almost every aspect of modern finance and banking passes into the ages.
Pragmatism, perseverance, patience, persistence -- and a lot of detailed work.
This is not a new or unknown problem, but every time it crops up, our policy-makers have tried to wish it away. In the present circumstances too, the government has stopgap arrangements. It is borrowing from the World Bank (that's window-dressing fiscal deficit), says Ajit Ranade.
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