India to abandon all currency controls

[lovuian]

http://feeds.bignewsnetwork.com/?sid=e79825ad04889c2f

As India's economy grows strongly, the government says it is planning to end all controls on its currency.

The move is expected to boost confidence and increase investment in the country.

India first drew up plans to make its currency fully convertible 10 years ago, but abandoned them after several East Asian countries were hit by a financial crisis.

But as the Indian economy booms, the government says the time is right to take a fresh look at relaxing all controls on the rupee.
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I hope India knows what its doing listening to Bush... Rotsa Ruck as Scoobie Doo says...

[sweetheart]

1. good, the rupee is undervalued

This will make outsourcing to india more painful as their
currency appreciates in line with india's economic growth.

Jai Rama, Jai Shiva
Long may the rupee float bless
the people of india.

[lovuian]

2. Ya know thats a dang good point!!! Cheap Labor may get more

expensive...

[robcon]

3. India finally has the self-confidence...

to let the market value the rupee.

I think the financial markets and other economies will see this as a longer-term assurance that India is on its way to a freer, less protectionist, less bureaucratically-controlled market. Good for them.