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Ila Patnaik Tags : RBI, India Posted: Monday , Feb 09, 2009 at 2303 hrs

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The right thing for the government of India is to immediately request an FSAP. Anything less, especially a self-assessment that paints a rosy picture, sounds too much like propaganda and sends out wrong signals. The FSAP should then be publicly released. It would give an independent expert perspective on what is right and what is wrong in Indian finance. It would reduce the asymmetric information between global finance and the realities of India, and thus help stabilise foreign capital in India by helping investors to form realistic expectations about Indian finance.

The writer is senior fellow, National Institute of Public Finance and Policy, Delhi

express@expressindia.com

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mr.By: hitesh brahmbhatt | 02-Jun-2009 Reply | Forward But, given the state of so-called independent bodies here in US (how the FASB was bullied into getting rid of mark-to-market accounting inconvenient for banks, or how rating agencies gave AAA ratings to toxic MBS), I am not so sure if we want to give them free hand in deciding health of our system (although, compared to non-existent Indian system, it will still come out ahead for many years to come).

Please refrain from stupid criticismBy: vinay | 05-Apr-2009 Reply | Forward the fact that the government prevented "independent experts from international bodies and members of standard-setting bodies from participating in the assessment exercise would undermine the report and send out wrong signals"These are the same bodies that couldn't asses the disaster that's happening in the US now. Why should the Indian govt trust them anyway? Indian experts are far better than western ones in my opinion. It's only due to the strong regulatory policies that RBI has put in due to which Indian banks haven't collapsed like the big American banks. In fact I'll say it'll be beneficial for the western experts to learn from this report rather than provide their useless expert opinion. In future, Please gather your facts before criticizing mindlessly.

Have beliefBy: Pradeep | 09-Feb-2009 Reply | Forward Indians have a strange inferiority complex. Whatever the western world gives them is good, great. I think the author has the same kind of attitude. Would US get themselves examined or audited by the organisation FSAP. NO. I am not sure if China has done that. How do we explain the current crisis in US and the whole world? Dont suspect everything the indian govt or bodies say. If you want go through the details and point out the short comings.

Thanks IlaBy: SC | 09-Feb-2009 Reply | Forward Ila's articles are simply amazing. We learn so much by reading them. Thanks Ila.

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