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Global financial crisis: Lessons for India from the 2008 crisis and beyond

India's real economic crisis came not in 2008-2009, but in 2012-2014

Global financial crisis: Lessons for India from the 2008 crisis and beyond
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Ananth Narayan
The years since the global financial crisis of 2008 have brought into sharp focus the importance of managing financial stability in the Indian context. Post the crisis, developed economies focused solely on fostering growth, relegating fears around inflation and deficits into the background. 

In India’s case, however, when we focused on growth, we allowed financial instability from twin deficits, banking stress and inflation to set in. This led to our own economic crisis of 2013.

Even today, our current framework does not pay sufficient attention to the quality of our external and internal balance, and the weaknesses in our financial

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First Published: Sep 11 2018 | 6:30 AM IST

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