In summary, Indian multinationals are now among the most important channels through which India is integrated with global financial markets. In the days ahead, when American companies are available at sizable discounts, enterprising Indian firms are likely to acquire more foreign companies, increasing India’s engagement with the world. India’s de facto capital account convertibility is now a reality and is here to stay.
The writer is senior fellow, National Institute of Public
Finance and Policy, Delhi express@expressindia.com
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