Attract inward remittances to meet the CAD crisis

The economy has already reached the tipping point of crisis and is comparable to that of 1991 BOP crisis except perhaps for holding some extra reserves which is more than offset by increase in external debt. The position is precarious and the only way to come out of the mess is to attract as much remittances as possible through some incentives and reduce the import bill to the maximum. The rupee has already depreciated by more than 20 % in the last couple of years and further devaluation if any will only boomerang.Time for RBI and the GOVT to shed their ego and act jointly on a war footing before the situation worsens. further.
Dr.T.V.Gopalakrishnan
( This comment is in response to man Article Govt Sins come back to haunt us that appeared in ET dated 29/03/11)