Making the Elephant Dance Through Capital Account Convertibility

Capital Account Convertibility is one of the ways to integrate a nation's economy with the global economy, to deepen and integrate financial markets, to increase access to global savings, to discipline domestic policy makers and to allow greater freedom to individual decision-making and proliferation of Information Technology. India must meet these pre-conditions before implementing full convertibility of rupee on Capital Account.
The inevitable globalization process has set in motion a mega change, which has motivated a big elephant, Indian Economy, to move with the changing world, by in…