RBI is an outlier among its peers as it is keeping close to 28 per cent of its balancesheet in the reserves, against an 8.4 per cent global average, Subramanian writes in a soon-to-be-published book 'Of Counsel: The Challenges of the Modi-Jaitley Economy'.

The present government, Panagariya said, has made a huge progress in implementing reforms including some difficult structural ones such as the GST and IBC that previous governments had difficulty in introducing.