Although the evidence is as yet incomplete, this episode has been much less serious than those in the mid 1970s, the early 1980s and the early 1990s. It also has been very mild indeed in comparison with recent outcomes in many other countries, where deep recessions have been experienced.
India has assumed the presidency of G20 this year, and the same gives the country an opportunity to showcase its leadership in the field of FinTech, particularly in digital payment systems. While India has made significant strides in developing its domestic payments systems which are acknowledged globally, it can also contribute to innovations in cross-border payment systems. In this context, CBDC holds significant promise.