It has become clear that no part of the world will be immune to the current crisis, and the IMF expects that this will be the first time in fifty years that all of the advanced economies will experience a synchronized recession. This cannot fail to have an impact on the rest of the global economy.
Moreover, a variety of governance problems coupled with the fear of investigation slowed down bureaucratic decision making in Delhi, and permissions for infrastructure projects became hard to get. Project cost overruns escalated for stalled projects and they became increasingly unable to service debt.