The Indian economy has also shown remarkable resilience against adverse global developments, if not completely decoupled from it. With increasing sustained economic growth and macro-economic stability, favourable demography and a large market, India is an important player in the global economic arena. The sustainability of its global role will depend on the sustainability of the growth momentum and stability.
Such a separation is not possible without amending the ECB’s institutional framework as enshrined in primary law – a step that has been carefully avoided so far.