When India's banking sector was nationalized various economic pundits criticized the action as a retrograde step.
To be precise, Indian banking rules are stricter than Chinese banking rules . They come under rigid RBI rules.
Before economic liberalization the western economic scholars exhorted de-control or banking reforms in India.
Now, after the 2008 recession, very same western countries are clamoring for protectionism.
Following or aping India's model would safeguard their banking sector.
India has learn t a lesson from the just concluded recession. One cannot adopt policies which are not favorable to our people. We ought to be selective no more indiscriminate following of economic reforms.
There is also a re think in liberalization process, following a crass capitalism would only land the country in a quagmire.
