The glacial pace of change: QFI edition

In the Percy Mistry report, there are some striking examples of the inability of the Indian policy process to deliver change at a reasonable pace. See: Box 9.2, page 127 (index futures); Box 9.3, page 128 (CDO); Box 9.4, page 128 (Gold ETF), Box 9.5, page 129 (interest rate futures in the US). See a similar chronology for currency futures.



Here is another example:

• First government committe report which talks about QFI: Ministry of Finance Working Group on Financial Flows, chaired by U. K. Sinha, 30 August 2010. 


• First QFI signs up: this month, i.e. 22 months later.

What's disappointing about the Indian policy process is that many of us in India will think "a 22 month delay - not bad!".