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I read with interest “Paying the price for ignoring the real economy” (Business Line, dated April 19). What has happened to India’s growth story? When Dr Y. V. Reddy was voicing concern about the copious flow of FII funds, Mr P. Chidambaram indirectly sated that we should know how to manage the flow of money, which would continue because of our stupendous economic growth. For him, the upward movement of the stock market was the barometer of success. Within a few months, everything has turned topsy-turvy; forex inflow has not only dried up but has started moving out.

The stock market has crashed. People who thought that our economy was decoupled from the US economy, were left disappointed. The US dollar weakened sizably because of the lop-sided policy, resulting in loss of jobs to millions.

K. Narayanan Hyderabad

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