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India has come a long way since it embarked upon its journey of economic reforms more than two decades ago. With a projected gross domestic product or GDP growth of over 7 per cent, it is now one of the fastest-growing major economies in the world. The high growth rate has been supported by a growing financial sector, in addition to continued efforts by the Narendra Modi government to push forward with structural reforms. However, the recent rise in financial sector vulnerabilities has added a dose of anxiety to an otherwise sunny outlook for India’s growth prospects.
As the National Democratic Alliance or NDA government gears up to present the Union Budget for the next fiscal year in less than a