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Thanks to globalisation, external policy developments have an important bearing on India. The latest example is the impact on the stock and exchange markets of the US Fed’s decision to reduce the Federal Funds Rate. The next quarterly review of the Reserve Bank of India is due on October 30. The US Federal Open Market Committee will meet on October 30-31. Would it not be worthwhile to consider the desirability of the RBI having its review on, say, November 1, so that the FOMC’s decisions could be factored into its own policy? The calendar for the meetings of the FOMC is available on its Web site. Wherever feasible, the above-mentioned principle could be followed.

A. Seshan Mumbai

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