Why has India resisted full capital account convertibility?

Why has India resisted full capital account convertibility?
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First Published: Fri, May 29 2009. 01 28 PM IST

Updated: Fri, May 29 2009. 03 38 PM IST
On Just to Clarify this week, we tackle a question sent in by a listener, who wanted to know about the concept of full capital account convertibility. What does that term mean? Why has India resisted introducing full capital account convertibility thus far?
How did that help during the recent financial crisis?
To answer these questions, our guest is Mint’s own managing editor, Niranjan Rajadhyaksha. Niranjan writes the popular An Awkward Corner blog on economics on the Mint website, as well as the weekly Café Economics column for the newspaper.
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First Published: Fri, May 29 2009. 01 28 PM IST