Indian experience Until the emergence of the global crisis, the Indian economy was passing through a phase of high growth driven by domestic demand – growing domestic investment financed mostly by domestic savings and sustained consumption demand. Inflation was also low and stable. Sequential financial sector reforms, rule-based fiscal policy and forward looking monetary policy together contributed to the improved macroeconomic performance.
To accomplish this, we have developed a global supervisory contact list of over 600 financial regulators and have initiated several mechanisms for communicating with them. Our most visible may be a series of bulletins, which come out monthly, on different themes and topics.