The issues relating to investment of cash balances of the States were discussed at the 18th Conference of State Finance Secretaries held in August 2006 and also in the 20th Conference of State Finance Secretaries held in August 2007.
Going a little in the past, we know the world economy was ambushed with full blown financial crisis in 2008–09 and the growth in world economy had slowed down markedly from  BIS central bankers’ speeches  1  5.4 per cent in 2007 to 2.8 per cent in 2008 and further to around half a per cent during 2009.