EXCHANGE RESERVES-Roses All the Way

euphoria to a state of trance over the foreign exchange reserves which arc about to touch $ 15 billion, one is reminded of a nugget of wisdom contained in the IMF's latest World Economic Outlook (October 1993). After discussing the success of the Indian adjustment programme so far, the IMF had the following advice to offer: "A critical lesson from the experience of the developing countries is the need for high rates of domestic saving