I think that it is time to stop gloating about our rise in forex reserves. It is a lot like a company rejoicing over its cash in hand rather than sales. Having a big bank balance is good, but beyond a point it is better to either reinvest it or to return it to your shareholders. Similarly, I think that now we are reaching the point where our forex reserves are an unproductive assets. It is now starting to hurt our software and BPO companies and exporters in general. The obvious solution is to allow free import of consumer goods, bringing down inflation even further.