India's Unique Crisis - I (Business Standard)

From the article:

"Another measure to finance the current account promoted by the financial community has been to defend the currency via tighter policy. The government and the Reserve Bank of India have - fitfully and half-heartedly, to be sure - accepted this advice. Not only does this action further stress private sector balance sheets, it also overlooks the fact that the currency depreciation will be less damaging than in the Asian crisis because of lower levels of external indebtedness."

Read it here.