How quickly the tide turns!

In February 2014, I wrote an oped in Indian Express urging caution on capital account liberalisation. 

In response, this is what Ila Patnaik wrote mockingly,

When some Indian bureaucrats have argued in favour of a closed capital account at international forums, they have faced amusement from the audience. No country has taken this idea seriously. This so-called “lesson from the global financial crisis” is something no one is interested in learning. There has been no reduction in capital account openness — either among advanced countries or among emerging markets — after the crisis. The free movement of goods, services, ideas, capital and enterprise across national borders is an integral part of modernity.

Ouch!