Dear Dr Y V Reddy...

 By the time this letter appears in print, you must have boarded the Mumbai-bound flight from Washington.  You are coming to Mint Road at a time when all macro-economic indicators are in the pink of health. The inflation rate is well below 4 per cent, interest rates are at their historic lows and foreign exchange reserves are over $85 billion. There is plenty of liquidity in the system and the level of confidence of foreign institutional investors in Indian markets is very high.  As if these are not enough, earlier this week global rating agency Standard & Poor