![]() The economy has also been hit by domestic shocks. Indeed, India was not spared from external regional and global shocks, such as the Asian financial crisis (1997), the global financial crisis (2008), and more recently, the devastating impact of the COVID-19 pandemic (from 2020) and the war in Ukraine (2022). At the same time, India’s economic development has not been linear and has been impacted by external and domestic shocks, some directly related to the financial sector. ![]() As such, developments in India have significant global and regional implications, including via spillovers through international trade and global supply chains. With a population of 1.4 billion and about 7 percent of the world economic output (in purchasing power parity terms), India is the third largest economy-after the US and China. Millions have been lifted out of poverty. India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Use the free Adobe Acrobat Reader to view this PDF file ![]() India’s Financial System: Building the Foundation for Strong and Sustainable Growth
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