At the beginning of the British rule in India, it accounted for close to a quarter share of global GDP. Since then, there has been an inexorable loss in India’s share of global GDP. But we have not just arrested this decline, but indeed have been able to reverse it.
In our opinion, two elements of the Banking Union are key: a Single Supervisory Mechanism (SSM) and a Single Resolution Mechanism (SRM). Both elements will be discussed in more depth in two of the panel discussions later on.