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What has really made a big difference to Indias BoP is the IT industry. In fact that is the entire story on why Indias bop is so much better. Last year after the oil prices spiked our current account deficit could have been in dire straits like our neighbors. The only difference was the massive net foreign exchange earnings of the IT industry. I guess the RBI and the govt can claim credit for that. They supported the industry in its infancy. But I don't know if much else they have done has moved the needle.

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