In the rest of my address, I propose to deal with this vexing subject head-on by assessing global macroeconomic and financial conditions then and now, the state of the Indian economy in terms of its underlying fundamentals, and the health of India’s external sector which will bear the brunt of global spillovers. I will conclude with a few remarks on the way forward.
2|Page  As we navigate through the evolving ecosystem, we believe that constant, close engagement with regulated businesses, FinTech firms, regulators and other stakeholders is crucial. Clearly, ongoing dialogue and collaboration are the best way to ensure industry players are aware and able to navigate the applicable rules.