| Summary/Abstract |
India experienced unprecedented growth during the past two decades against the backdrop of wide-ranging “first generation” of reforms, growing trade and financial integration, buoyant external demand, and ample global liquidity. Like other emerging markets (EMs), India also enjoyed a good measure of macroeconomic resilience, evidenced by the fact that the Indian economy rebounded from the global financial crisis much sooner and faster than advanced and indeed, many other emerging market economies.
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