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India’s Journey from Crisis to Confidence: Decoding the Shaktikanta Das’s Vision
In a recent speech, Reserve Bank of India Governor Shaktikanta Das outlined India's remarkable journey from crisis to confidence. Drawing on historical events and economic data, Das paints a picture of a nation that has overcome numerous challenges to emerge as a global economic powerhouse.
Overcoming the 1991 Crisis
Das begins by acknowledging the various crises India has faced in recent decades, including the 1991 balance of payments crisis, the 2008 global financial crisis, and the ongoing COVID-19 pandemic. He emphasizes the crucial role played by the RBI in steering the economy through these turbulent times.
The 1991 balance of payments crisis was a defining moment for India. With dwindling foreign exchange reserves and a ballooning fiscal deficit, the country faced the threa...