I will confine myself to the possible sources of resilience in the Indian context. To my mind, four factors are important. First, notwithstanding the very large increase in global linkages, the fact is that the Indian economy remains primarily driven by domestic factors.
From the demand side, as Slide 5 indicates, the relatively large share of private consumption spending has been a contributory factor to the overall stability of demand. Consumption tends to be relatively resilient in the face of, particularly, transitory shocks, because individuals and households take time to adjust their spending patterns.