Aiyar Limits!

Swaminathan S Anklesaria Aiyar says in article in ET “The old international institutions look incapable of coping with it. Yet that is hardly new: they could not cope even with the Asian financial crisis of 1997-99. 

Everybody agreed then that the world needed a new financial architecture. Several international meetings took place to discuss a new architecture. But before these could come to grips with the problem, it disappeared! Asia recovered smartly in 1999-2000.”

If that is the case for discovering new way of managing the country, let them do it. But the question is whether the developing countries like India are ready to take action (and expand the reform process) without the role of international institutions.