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Message From Capital Controls Encourages Fear: Credit Suisse

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August 20: “While it is fine not to do a sovereign bond issue, but to tell the world you cannot do a sovereign issue is unwarranted,” says Neelkanth Mishra, Head of Equity Strategy India at Credit Suisse. The liquidity tightening measures were needed but the message being sent through capital controls is not very positive, he says, adding that the “government now needs to encourage cash-rich PSUs to raise funds overseas.”