The reckoning
Why India is particularly vulnerable to the turbulence rattling emerging markets
ON THE morning of August 17th most of India’s economic policymakers gathered in the prime minister’s house in Delhi. They were there to launch an official economic history of 1981-97, a period which included the balance-of-payments crisis of 1991. The mood was tense. India, said Manmohan Singh, the prime minister, faced “very difficult circumstances”. “Does history repeat itself?” asked Duvvuri Subbarao, the outgoing head of the Reserve Bank of India (RBI). “As if we learn nothing from one crisis to another?”
This article appeared in the Finance & economics section of the print edition under the headline “The reckoning”
From the August 24th 2013 edition
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