Your article didn't once mention that India is one country that has maintained its economic stability during the crisis. Actually, the present Southeast Asian crisis indicates the soundness of India's policy of moving slowly with its reforms. Runaway reforms and grab-all globalization are like economic steroids: The sudden boost that comes is inevitably followed by a big letdown. This is exactly what happened with the so-called Tigers of Southeast Asia.

Asian markets can be divided into two categories. One consists of countries such as Thailand, Malaysia, Indonesia, and South Korea that have serious structural problems that must be set right at once.

India falls in the other category and, by comparison, has reasonably good fundamentals and fewer structural problems. Hong Kong and Taiwan also fall in the same category.

Abhinandan K. Singh


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