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India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has been subject to pitfalls and trilemmas that deserve attention. It has been officially recognized by the Governors of RBI that the financial crisis in India reflects the "Dirty face" of what is described in the literature as the impossible trinity, along with the volatility in the markets that was caused by speculative capital in search of profits.
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