Former RBI deputy governor SubirGokarn, who is now director of research at Brookings India, says there is a need to put together credible steps to address the current account deficit problem. In an interview to TOI he backs financial innovation to wean investors away from gold. Excerpts.
Do you see the economic situation similar to 1991?
We have to understand what the fundamental causes of the problem are. There are three broad drivers of this. One is that our overall exports are quite sluggish and our imports of things other than oil and gold have risen quite sharply.
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