It has challenged the conventional views on the self-correcting nature of financial markets. The debate on the role of finance in economic growth has again come to the centre stage. Against this backdrop, I will reflect on the following set of questions. How similar or different is the recent crisis from the past crises in terms of its cause and manifestation?
How did policies in different countries respond to the crisis? How and why was India impacted and how did we respond? What are the key lessons from the crisis? I will conclude with a focus on India. I.  Genesis of the crisis  The crisis was an outcome of the interplay between both macroeconomic and microeconomic factors.