India was among the first nations to rebound from the global financial crisis, with tailwinds from a fiscal stimulus, the RBI’s policy rate cut cumulatively by 425 basis points and access to potential liquidity from the Reserve Bank expanded to as high as 10 per cent of GDP with a view to keeping financial institutions functional as financial markets seized up.
In 2009, growth seemed set to accelerate to the aspirational double digits that Indians dream about. Long embarrassed by the parlous state of the physical infrastructure, we set out to build world class roads, airports, power supply and ports.