Derivative markets, the markets for the purpose of hedging risks, were limited in terms of participants and products. Meanwhile, the BIS Triennial survey published in 2013 showed that there was growing interest in the Indian Rupee overseas. The onshore and offshore markets for the Rupee, however, remained segmented, with the spreads between the onshore and offshore forex and interest rates being wide.
Headwinds and Tailwinds 7. Coming to more recent times, many of our policies over the last  decade have been guided by the learnings from crisis management as well as the developmental objectives our country aspires to achieve. As the world moved through one storm after another, we were compelled to navigate through the spillovers of major global headwinds. 8.