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There has been an accepted view among the academicians and
policymakers that the shift in BoP financing from debt to non-debt
flows would expect to remove the vulnerabilities in India's BoP.
There must be a shift in the finance from debt to non-debt capital
flows and minimisation of current account deficit was the two main
recommendations of Rangarajan committee. Available evidence hardly
shows any evidence of strengthening in India's balance of payment
because of the flow of FDI; rather they are creating additional
strain on current account of BoP in recent period. This is because
FDI firms have significant contribution to current account deficit
in India especially after 2003-04 and it happened mainly due to
their high trade imbalance (they are having high import relative to
their export).Contrary to the expectation, foreign investment has
imparted huge cost on BoP. Apart from dividend earnings, FPI also
earns huge capital gain from India; a significant part of it was
repatriated.
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