Nevertheless, to accelerate the pace of growth of Goa, I may highlight a few challenges that lie ahead. First, initiatives need to be taken to promote sustainable industrial development compatible with the unique bio-diversity of the state which, in turn, would generate local employment.
But, with the considerable benefit of hindsight, one can easily identify warning signals of the subsequent financial distress in the data for 2006–07. And at that time, central bank communication pointed to excessive monetary and credit growth, an under-pricing of risk and an excessive narrowing of spreads as causes for concern. Similar traits can be recognised in previous crises.