The Indian economy has also shown remarkable resilience against adverse global developments, if not completely decoupled from it. With increasing sustained economic growth and macro-economic stability, favourable demography and a large market, India is an important player in the global economic arena. The sustainability of its global role will depend on the sustainability of the growth momentum and stability.
While this would require continuing policy response to emerging challenges in many spheres, integration with global economy will be an important factor in sustaining the growth momentum. We have to be alive to the challenges of both growth and stability and steer the policy regime relating to cross border transactions in tandem with the needs of the economy.