Unless policy measures address the structural problems underlying India's current account imbalance, piecemeal steps like tariff hikes would fail to stall the tumbling rupee. There is an urgent need to bring down the import intensity of the growth process it, besides gradually moving away from high fossil fuel dependence over the longer term. It is high time to impose some curbs on volatile capital flows, which aids and abets bubble-building only to inflict currency meltdowns in future.
    
* The article was originally published in the Hindu Business Line on November 1, 2018.