One way to characterise the difference is in terms of the nature of the shocks that are likely to have determined economic outcomes. Specifically, the Great Recession and the years before 2013 were characterised by a large increase in financial spreads and relatively stable inflation. This suggests that financial disruptions were the root cause of real economic developments.
By virtue of my experience and background, the remarks may combine a worm’s view with a bird’s eye-view of the Indian economy, in its broader social context.