As the region grew faster than the rest of the world, the economies expanded and inter-linkages deepened, with the channels of transmission maturing rapidly. •  Asia’s resilience was proven after the 1997 Asian financial crisis as the region was quick to rebound and regain macroeconomic stability.
There is also the cushion available from the foreign exchange reserves. India has made significant progress in financial liberalisation since the institution of financial sector reforms in 1992 and this has been recognised internationally.